The Chinese economy is on track to expand by 3.3% in real terms this year, according to the latest QUICK FactSet survey of private-sector analysts, indicating that growth will be much slower than anticipated and weigh on the global economy, reports Nikkei Asia. The updated forecast represents a 1.8-point downgrade from the estimates at the start of the year. China has an official annual growth target for gross domestic product set at around 5.5%.
The zero-COVID lockdowns in Shanghai in spring battered the national economy, and signs of recovery that emerged in summer have once again faltered.
In October, total retail sales fell 0.5% on the year, according to data released Tuesday by the National Bureau of Statistics. This is the first such contraction since May.