BofA Global Research cuts 2023 China growth forecast after weak May data

BofA Global Research on Friday trimmed its China economic growth forecast for 2023, becoming the second Wall Street bank to revise forecast after the country’s May industrial output and retail sales growth missed forecasts.

Economists led by Helen Qiao said they now expect China’s economy to expand 5.7 percent this year, compared with an earlier estimate of 6.3 percent growth.

On Thursday, J.P.Morgan cut its China GDP growth forecast for 2023 by 40 basis points to 5.5 percent.