JPMorgan Cuts China Growth Forecast for Fifth Time Since August

Reuters
By Reuters
November 5, 2021China News
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JPMorgan Cuts China Growth Forecast for Fifth Time Since August
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in N.Y., on May 20, 2015. (Mike Segar/Reuters)

LONDON—JPMorgan cuts its fourth quarter growth forecast for China to 4.0 percent quarter-on-quarter from 5.0 percent on Friday, citing the impact of power shortages and the recurrence of COVID-19 clusters hitting consumer spending and services.

“Looking back, we have downgraded China’s growth forecasts five times since August,” JPMorgan’s Haibin Zhu said in a note, adding the bank now expected full-year growth of 7.8 percent and 4.7 percent in 2022.

“In particular, to smooth out COVID-related volatility, we note that the pace of average annual GDP growth (compared to two years ago) has decelerated notably.”

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