Yet Another China Growth DowngradeBy
Another week, another downgrade as pessimism spreads about China’s economic prospects. This time it’s UBS Securities, which cut its 2013 forecast for gross domestic product expansion from 8 percent to 7.7 percent. “Increasingly evidence suggests that growth will be weaker than we previously envisaged,” writes Tao Wang, UBS’s chief China economist, in a May 21 note.
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