Nomura upgrades China's YoY GDP growth forecast to 5.1% in 2023 vs 4.8% prior

livemint.com:

faced a slowdown during the summer due to weakened global demand for its exports and the worsening situation in the property sector, as per government reports on Wednesday. Official data revealed that the world's second-largest economy grew at a 4.9 percent annual pace in July-September, surpassing analysts' expectations of approximately 4.5 percent, AP reported.

However, this growth was notably slower compared to the 6.3 percent annual rate in the preceding quarter. In response to the economic challenges, the Chinese government implemented various measures, including increased spending on infrastructure projects such as ports, reductions in interest rates, and the relaxation of restrictions on home purchases.

Despite these efforts, economists highlight the need for broader reforms to address underlying issues that hinder long-term growth. Also Read: China's GDP likely to decline 1.6%: IMF downgrades growth forecasts for China Officials from the National Bureau of Statistics expressed caution, noting that global realities were becoming "more complex and grave." They also warned that the anticipated rebound in demand from Chinese consumers and businesses post-pandemic has not materialised as expected.

President Xi Jinping declared on Wednesday that Beijing is set to inject more than $100 billion in fresh funding into its Belt and Road initiative, marking the tenth anniversary of the extensive infrastructure project, AFP reported. The Belt and Road initiative stands as a crucial element in Xi's efforts to enhance China's influence globally.

Beijing has reported signing contracts exceeding two trillion dollars worldwide as part of this initiative. Also Read: China intends to invest in tech industry to come out of the real