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

Published 20/06/2023, 08:32
© Reuters. FILE PHOTO: A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China, July 28, 2020. REUTERS/Tyrone Siu/File Photo
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(Reuters) - HSBC (LON:HSBA) on Tuesday lowered China's economic growth forecast for this year, citing drag from the property sector, and tempered business and household confidence.

© Reuters. FILE PHOTO: A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China, July 28, 2020. REUTERS/Tyrone Siu/File Photo

The global bank now forecasts China's gross domestic product (GDP) to grow at 5.3% in 2023, from 6.3% 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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