HSBC raises China’s growth forecast to 7.5%
Print Edition
HSBC has upgraded its forecast for China’s year-on-year gross domestic product growth to 7.5 percent from 7.4 percent, saying recovery has been stronger than expected.
The Chinese economy expanded 7.5 percent year on year and 2 percent quarter to quarter (seasonally adjusted) in the second quarter.
In the first half of 2014, China’s economy expanded 7.4 percent from a year earlier.
GDP growth in the second quarter “surprised on the upside relative to our forecast” owing to stronger-than-expected government support measures, HSBC Chief China Economist Qu Hongbin said.
Activity data suggests that most of the improvement came in June, with monthly fixed asset investment and industrial production growing 17.9 percent and 9.2 percent, respectively, compared with 16.9 percent and 8.8 percent in May.
Policy support has been instrumental in helping China’s economy recover.
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