JP Morgan "China GDP Growth Rate Revised Up to 4.9% in Q4"

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[Asia Economy Reporter Yujin Cho] Despite the spread of COVID-19 and the downturn in the real estate market, JP Morgan has revised upward its forecast for China's Q4 economic growth rate.

On the 15th (local time), according to major foreign media, Haibin Zhu, a JP Morgan analyst, projected that China's GDP in Q4 this year will grow by 4.9% compared to the previous quarter. This is an upward revision of 0.9 percentage points from the previous forecast of 4.0%.

The growth rate forecast for this year remains at 7.8%, but the forecast for next year was raised from 4.7% to 4.9%.

The chief economist said, "Major economic indicators for November, which were expected to slow down compared to October, showed mixed results overall," noting that consumption and investment slowed, but industrial production improved, which was viewed optimistically.

He added, "Considering the better-than-expected November indicators and the solid figures from October, we revised upward the Q4 growth rate."

According to China's National Bureau of Statistics, retail sales in November increased by 3.9% year-on-year but fell short of market expectations of 4.5%.

During the same period, industrial production rose by 3.8% year-on-year, close to experts' expectations of 3.7%.

This content was produced with the assistance of AI translation services.