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Global Financial Institutions Upgrade Growth Forecasts for China Following Strong Q3 Performance

Global financial institutions, including JP Morgan, Citigroup, UBS, Nomura, and Goldman Sachs, have revised their growth projections for China in 2023. The positive adjustments come after China’s economy expanded at a faster rate than anticipated in the third quarter. This robust performance has instilled confidence in experts, leading to improved forecasts.

Impressive GDP Growth Expectations

Citigroup has raised its GDP growth forecast for China in 2023 from 5 percent to 5.3 percent. Similarly, JP Morgan now predicts a 5.2 percent expansion compared to their previous estimate of 5 percent. Morgan Stanley has revised their growth projection to a range of 4.8 percent to 4.9 percent, up from their earlier forecast of 4.8 percent. UBS, the Swiss banking giant, anticipates a growth rate of 5.2 percent, an increase of 0.4 percentage points from their previous estimate. Nomura, the Japan-based financial services group, has upgraded China’s year-on-year growth projection from 4.8 percent to 5.1 percent.

The Resilience of China’s Economy

Despite Goldman Sachs slightly lowering its forecast to 5.3 percent from 5.4 percent, it remains higher than China’s official growth target of 5 percent for the year. The latest data from the National Bureau of Statistics shows that China’s GDP grew by 5.2 percent in the first three quarters of 2023. Moreover, in the third quarter alone, the country experienced a 4.9 percent year-on-year expansion, surpassing analysts’ expectations of a 4.4 percent increase.

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Optimistic Outlook for China’s Economy

JP Morgan economist Haibin Zhu expressed positivity regarding China’s economic momentum, expecting it to persist in the coming months. The upgraded growth forecasts from prominent financial institutions reinforce the belief that China’s economy is on a steady path of recovery and expansion.

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