BCA Research expects China's recovery to be U-shaped this year, failing to repeat the V-shaped resurgence that followed lockdowns in 2020 during the early part of the pandemic.

A poll of analysts earlier this month found there is a 40% chance of a US recession over the next two years, with a 25% chance of that happening in the coming year.

Hong Hao was among the most outspoken China market analysts, and worked in a high-profile post with the securities unit of state-owned Bank of Communications

JCER said last year it expected China's economy to be bigger than the US in 2028 or 2029, depending on impacts of the Covid pandemic, but China's growth has been hit by other factors