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Nomura cuts China 2021 growth forecast to 7.7% from 8.2% By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO A woman is seen using a phone in a café while a crane near buildings is reflecting on a window. This was taken in Tianjin (China) September 7, 2021. REUTERS/Tingshu Wang

BEIJING (Reuters) – Analysts at Nomura cut their forecast for China’s annual gross domestic product (GDP) growth in 2021 to 7.7% from 8.2% on Friday, citing the impact of factories pausing operations amid power outages and environmental policies.

In a note, the analysts stated, “Over the past weeks, a surge number of factories in China have been forced into shutdown.” This was due to high coal prices, which hit power supplies, and mandates from government to cut carbon emissions.

These downward pressures on growth are compounded with curbs on property, which added to China Evergrande Group’s financial woes.

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