UBS has revised down its China 2023 GDP growth forecast to 5.2% from 5.7% previously, citing disappointing May data.
"Q2 growth momentum is tracking much weaker than we expected earlier," said Wang Tao, Chief China economist at the bank, noting that high frequency data for June also shows no obvious improvement.
China's latest policy rate cut may signal the start of additional policy support including property policy-easing, infrastructure investment boost ,additional small policy rate cut and credit supply, and some forms of local-government financing-vehicle debt restructuring or swap.
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(END) Dow Jones Newswires
06-16-23 0019ET
