Goldman Sachs Global Economics Analyst Exhibit 20: A 2023-2024 Pickup but a Long-Term Slide in Chinas Trend Growth Percent change, China Real GDP Forecasts Percent change, year ago year ago 6 6 5 5 4 4 3 3 GS Consensus* 2 2 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 *Consensus is Bloomberg from 2022-2024 and Consensus Economics from 2025-2032. Source: Bloomberg, Consensus Economics, Goldman Sachs Global Investment Research 16 November 2022 18