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Citigroup upgrades China's growth forecast to 5%

Citigroup has revised its growth forecast for China to 5% this year, in line with China's official target, highlighting the nation's resilience and potential. This optimism stems from recent positive economic indicators, such as improvements in retail sales and industrial production. Notably, official manufacturing surveys showed expansion for the first time in half a year, suggesting a possible narrowing of the nation's export contraction. However, concerns remain, especially surrounding the property market downturn. Analysts were keenly observing the recent holiday period, which lasted from September 29 to October 6, for signs of bolstered consumer confidence. Early figures show retail and restaurant sales increased by 8.3% in the initial holiday days compared to the same period in 2022.


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