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Citi upgrades China's growth forecast

Citigroup has revised its growth prediction for China this year, increasing it to 5% from the earlier 4.7%. The adjustment comes in light of optimistic data indicating China's potential to meet its official government growth objectives. Economists highlighted promising signs such as improved retail sales, industrial production, and a possible narrowing of export contraction. While Citigroup recognized its prior downgrading due to policy disappointments, they noted a clear exceeding of policy momentum expectations since late August. In contrast, Hang Seng Bank maintains its 5.3% growth projection for China, suggesting policy effects will manifest gradually. Meanwhile, Sunac China's shares surged 6.3% after securing court approval for its offshore debt restructuring plan, affecting an estimated US$10.2 billion of creditor claims.


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