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JPMorgan cuts China growth forecast for fifth time since August -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The JP Morgan sign can be seen at the Beijing office in this photo taken on December 13, 2010. REUTERS/Jason Lee

LONDON, Reuters – JPMorgan (NYSE 🙂 has cut its fourth-quarter growth forecast for China by 4.0% quarter on quarter from 5.0% Friday. This was due to the effect of power cuts and the recurrence COVID-19 clusters that have been affecting consumer spending and services.

Haibin Zhu, JPMorgan, stated that “Looking back” has shown us we had downgraded China’s growth projections five times in August. He also noted that the bank expects full-year growth to be 7.8% in 2020 and 4.7% by 2022.

To smooth out COVID volatility, we notice that the average annual growth of GDP has slowed notably since two years ago.

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