JP Morgan, Nomura raise China's 2023 economic growth forecast
© Reuters. FILE PHOTO: People leave a Nanchengxiang restaurant that serves a breakfast buffet for the price of 3 yuan in Beijing, China, August 10, 2023. REUTERS/Thomas Peter/File photo
JP Morgan now expects China's gross domestic product to grow 5.2% in 2023, up from their previous forecast and Beijing's official target of a 5% growth.Data on Wednesday showed China's GDP grew 4.9% in July-September from the year earlier, higher than a Reuters poll expectation for a 4.4% increase. It was, however, slower than the 6.3% expansion in the second quarter.
"Policy tailwind sectors remain strong; export volume has returned to positive growth... the recovery in retail sales is particularly encouraging," JPM said. "Weak nominal GDP growth suggests that the earnings and profit outlook remains a hurdle in the path to the recovery in private investment," he noted.
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