HSBC cuts China's GDP forecast to 5.3% on weak property, business outlook

HSBC on Tuesday lowered China's economic growth forecast for this year, citing drag from the property sector, and tempered business and household confidence.

The global bank now forecasts China's gross domestic product to grow at 5.3 per cent in 2023, from 6.3 per cent expected earlier. Last week, brokerages including J.P. Morgan and BofA Global Research lowered the country's growth outlook after the country's May industrial output and retail sales growth missed forecasts.

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