ING Revise down China GDP for FY22 to 4.8%

ING has revised its earlier GDP estimate of China for financial year 2022 to 4.8% from 5.4%.

China, which is endeavoring to reform into a more consumption base economy, saw consumption and fixed asset investment growing 1.7% and 4.9% Y-o-Y in December respectively. Whereas, production grew 4.3% Y-o-Y in December. Low consumption growth points to low job and wage growth, leading to less consumption.

Deleveraging of the real estate sector has had a bad impact on some part of the economy, forcing the government to restructure real estate market policies leaving behind infrastructure investment plan.

Source: Revising down our China GDP forecast | Article | ING Think

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