Barclays with the report. More downgrades to come.
GDP growth forecasts reduced to 2.6% for 2022 and 4.5% for 2023
China’s growth momentum has weakened since July, when we lowered our full-year forecast to 3.1% to reflect the weak Q2 GDP print. Specifically, we note three major developments have ledus to further downgrade to our already cautious H2 outlook that had assumed contracting
property investment ( -3 to -5% y/y) and a subdued services recovery (3.5%) amid rolling lockdowns: