S&P now expects China to log GDP growth of 5.2% in 2023, down from an earlier estimate of 5.5%. It was the first such cut by a global credit ratings agency this year and follows lowered predictions by Goldman Sachs and other major investment banks.
Ning Jizhe, a senior economic official with the country's top political advisory body and the former head of China's statistics bureau, is among policy advisers calling for more supportive measures to be rolled out. The world's second-biggest economy will roll out more stimulus this year, sources involved in policy discussions have said.
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