Winters described the investing environment in China as "difficult," explaining that consumer confidence and international investor confidence was relatively low.
"We know that the underlying source of a lot of the confidence questions is the property market, and the property market has not yet completely bottomed out, so it's been a slow grind down," he added. Last week, Bank of America cut its GDP growth forecast for China to 4.8% for 2024 from 5% earlier, and also trimmed its forecasts to 4.5% for both 2025 and 2026, down from 4.7%.
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