China will likely become the only major economy in the world with growth accelerating in 2023, and its economic recovery is brightening the outlook for the whole region, economists of the Asian Development Bank said on Tuesday in Beijing.

ADB's Asian Development Outlook April 2023, which was released on the same day, predicted that the economic growth in China will increase to 5 percent in 2023, while the economies in Asia and the Pacific are projected to grow 4.8 percent this year. Excluding China, other developing economies in Asia are expected to grow 4.6 percent this year.

"China's recovery is not only important for the country itself, but also is of great importance for lifting the growth prospects of the entire Asia-Pacific and the world at large," Safdar Parvez, ADB's country director for China, said.

China's recovery will be mainly driven by the consumption demand rebounds. Meanwhile, fiscal spending, such as infrastructure investment, will continue to be needed in the short run to catalyze economic recovery, in particular since external demand may ease in 2023 as growth in advanced economies cools, according to Parvez.

Akiko Terada-Hagiwara, head of economics and strategy unit for the ADB resident mission in China, suggested China take a slew of reform measures to boost potential growth in the coming years, including promoting capital inflows into sectors with higher returns, raising the retirement age, improving education, and expanding market access for foreign investors.

She also expects the inflation rate will be moderate in China as compared to many other countries, at 2.2 percent this year and 2 percent next year.

Jiang Xueqing contributed to the story.

liuzhihua@chinadaily.com.cn