BEIJING: Ratings agency Fitch on Thursday cut its growth forecast for China's economy this year citing a slowdown in the country's colossal property sector, which is also facing headwinds over faltering real estate giant Evergrande.
Fitch Ratings said it expected growth to come in at 8.1 per cent this year, compared with a previous 8.4 per cent estimate, saying the"main factor weighing on the outlook is the slowdown in the property sector". "Housing starts are falling and financial pressures are weighing on real-estate investment," Fitch said in its latest report.
On Wednesday, Chinese premier Li Keqiang called for efforts to keep the economy running steadily, state media reported.
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