China's Growth Outlook Remains Moderate as Slack May Persist -- Market Talk

Dow Jones2023-11-27

0239 GMT - China's growth outlook remains moderate, with the property sector struggling and confidence subdued, says Louis Kuijs, Asia-Pacific chief economist at S&P Global Ratings, in a note. He raises the GDP growth forecast for 2023 to 5.4% from 4.8% and for 2024 to 4.6% from 4.4% on the better 3Q result but cautions that slack in the economy, weighing on profit margins and prices in many sectors, will persist next year. Additional policy easing in the coming months could include a reserve requirement rate cut, a policy rate reduction, and possibly higher fiscal deficit and larger local government bond quota in 2024, Kuijs says. Pressure on the yuan from high U.S. rates could persist, and authorities may continue to shore up the currency if the depreciation is too strong, Kuijs adds. (monica.gupta@wsj.com)

(END) Dow Jones Newswires

November 26, 2023 21:39 ET (02:39 GMT)

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