That is the second time in a matter of weeks that the firm has upgraded its assessment on the Chinese economy. This time arguing that while an estimated 40% jump of Covid infections will have impacted China's growth in Q4 last year, the post-reopening recovery phase has shifted forward by roughly three months at least.

"The earlier recovery storyline leads to an upward revision to our 2023 full-year growth forecast to 4.4% (previously: 4.3%)."

It's not so much about the number in the projection but there is growing sentiment across broader markets that China is very well positioned for a stronger and positive outlook this year.