Investment Banks Slash Expectations for China's Economic Outlook — One Sees GDP Growth of Less Than 4%

the national capital, began three days of mass testing on Monday and closed non-essential businesses in one area to control a spike in cases over the weekend.Among nine financial firms, UBS cut its China GDP growth target the most, down by 0.8 percentage points to 4.2% based on"intensified downward pressure on the economy."

Bank of America's China economist Helen Qiao made the second-largest cut, down by 0.6 percentage points to 4.8%. "In our view, even if such control measures will ultimately be rolled back and economic activities will gradually normalize by mid-year, a heavy toll on growth already seems inevitable," the report said.Allianz Trade's forecast reduction marked the second cut in just a few months.

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