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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AstraZeneca planning China business spin off -FTDrugmaker AstraZeneca is drafting a plan to spin off its China business, and listing a separate unit in Hong Kong is being viewed as an option, the Financial Times reported on Sunday. 'A separation might not ultimately take place,' the report said, citing people familiar with the matter, with one of them
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »