HomeEconomyS&P cuts China GDP forecast as stimulus calls intensify Economy S&P cuts China GDP forecast as stimulus calls intensify By farahat June 26, 2023 0 44 views Share FacebookTwitterPinterestWhatsApp GS -1.% Add to Watchlist/Slave Watch Delete from list Add to watch list Add position The location has been successfully added to: Please tell me Portfolio of holdings type: purchase Sell date: 52 quantity: price Point value: Leverage: 1:1 1: 1: 1: 1 : BEIJING (Reuters) – S&P Global lowered China’s economic growth forecast this year , highlighting the uneven nature of the country’s recovery after reopening, prompting more calls for further stimulus. S&P now expects China’s GDP growth to reach 5.2%, down from a previous estimate of 5.5%. It was the first such downgrade this year by a global credit rating agency, following a downgrade by Goldman Sachs (NYSE: predictGS ) and other major investment banks. Standard & Poor’s said in a statement on Sunday that “the key downside risk to China’s growth is that its The recovery has lost more momentum.” Growth has slowed in recent months after the lifting of restrictive policies revived the world’s second-largest economy. Real estate investment slumped further in May, industrial output and retail sales rose less than expected, and youth unemployment hit a record high .8%. The forecast range for China’s GDP growth this year is between 4.4% and 6.2%. S&P said possible measures to boost the economy could include “easing home purchase restrictions and mortgage down payment requirements, expanding credit and infrastructure financing, and perhaps Financial support for consumption.” Ning Jizhe, senior economic official at China’s top political advisory body, former director of the National Bureau of Statistics and other policy advisers called for more support measure. “It is better to introduce measures early,” he told a forum in Beijing on Sunday, adding that the impact of the measures “should not be small.” Last week, China lowered its main lending benchmark reduction for the first time months. A week ago, the People’s Bank of China (PBOC) cut short- and medium-term policy rates. The world’s second-largest economy will roll out more stimulus this year, sources involved in policy discussions said. Last week, the three major state-owned securities newspapers published front-page articles citing economists as saying that the People’s Bank of China may further ease monetary policy. On Sunday, the state-controlled Global Times painted a grim picture of the economy, reporting that many graduates were visiting temples in search of a growing number of jobs. Pray in anxiety. The stimulus policy is widely expected to be announced after the regular meeting of the Political Bureau of the CPC Central Committee in July. , to prepare for public opinion (Political Bureau) Nie Wen, an economist at investment firm Hwabao Trust in Shanghai, said the meeting raised expectations (for more stimulus measures). Last week’s three-day Dragon Boat Festival domestic tourism Stock markets in China and Hong Kong slumped on Monday amid disappointing data, underscoring further pessimism about the economy, while the yuan weakened against the dollar. 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