Goldman Sachs analysts have cut forecasts for China's economic growth, citing persistently weak confidence and the cloud over the property market as stronger-than-expected headwinds.
"No reopening boosts have faded as quickly as in China," said the analysts, headed by economist Hui Shan, citing the property downturn and its flow-on effects as the main reason.
"We judge that growth headwinds are likely persistent while policymakers are constrained by economic and political considerations in delivering meaningful stimulus." China's government has set a modest GDP growth target of about 5% for this year after badly missing its 2022 goal and state media reported the cabinetIt has lowered several key interest rates slightly in recent days, seen as paving the way for a cut in benchmark loan prime rates on Tuesday.
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