UBS Group and JP Morgan Chase cut their forecasts for China’s overall growth domestic product (GDP growth this year as the country has been crippled by a series of lockdowns implemented by the regime’s strict ‘zero-COVID’ policy.
UBS estimated China’s full-year economic growth would reach 3 percent, rather than 4.2 percent as earlier projected. Meanwhile, JPMorgan downgraded its prediction for the growth of the world’s second economy from 4.3 percent to 3.7 percent. The updated calculation emerges as the regime holds on to its stringent zero-tolerance approach to COVID-19 at the cost of its own economy.
JPMorgan global market strategist Kerry Craig said that China has set the target of 5.5 percent growth for the economy, taming the spread of coronavirus infections through its zero-COVID policy, and supporting its beleaguered housing market….