Barclays cut its forecast for China’s economic growth next year to 3.8%, based partly on expectations of a drop in global demand for Chinese goods.

As a result, they now expect China’s exports to drop by 2% to 5% in 2023, versus previous expectations for 1% growth, the report said.

Exports remain an important driver of China’s economy, especially when the pandemic disrupted global supply chains and generated intense demand for health products and electronics.