Fitch Joins Others in Cutting China Forecast

Fitch Ratings on Wednesday cut its forecast on China’s 2013 economic growth to 7.5% from its previous projection of 8% in March.

The new forecast put the rating agency’s outlook on China more in line with the consensus, and also matches the Chinese government’s own target for the year. Fitch said that for 2014, it sees China’s gross domestic product also rising 7.5%, slowing to 7% growth in 2015.

Goldman Sachs, HSBC, Bank of America-Merrill Lynch and Crédit Agricole have all recently cut their growth projections for China, with Credit Suisse saying the Chinese economy might slow to 6% expansion in the year ahead.

Source: Market Watch