International investment firms have changed their China GDP forecasts nearly every month so far this year, with JPMorgan making six adjustments since January.
The investment banks mostly revised their forecasts higher early this year after China's initial rebound, following three years of strict Covid controls.The latest cuts come as recent economic data point to slower growth than expected, and authorities show little inclination to embark on large-scale stimulus.from a year ago, missing the 7.3% growth that analysts polled by Reuters had predicted.
The statistics bureau has also issued public statements about punishing local governments for falsifying data. The accuracy of official data in China has long been in question. "Wall Street's predictions of blockbuster growth in China were first based on hype, and then juiced up by China's inflated GDP prints into early 2023."
In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously.
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