Yet Another China Growth Downgrade

A worker cleans windows at an Apple store in Shanghai Photograph by Tomohiro Ohsumi/Bloomberg

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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