US Banks Raise China GDP Forecasts, See Economy Past Bottom
- Upgrades return outlook to economist consensus of 5% for 2023
- Many analysts still see property as the major drag on growth
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Banks including Citigroup Inc. and JPMorgan Chase & Co. have raised their China growth forecasts to 5% for this year, as a strengthening in recent data helps build consensus around the government’s ability to meet its GDP target.
Improved activity data since August “suggest the economic slowdown since April has likely bottomed and the economy started to turn around,” JPMorgan economists led by Zhu Haibin wrote in a note Thursday.