Major investment banks cut their predictions for China's 2021 GDP, warning that power cuts and a slump in the property market may drag down growth.
CNBC tracked China's 2021 gross domestic product forecasts from more than a dozen major banks.
Negative factors for growth have mounted this year, ranging from slower-than-expected consumer spending to disruptive floods. Workers labor in a factory of bathing suits in Jinjiang in southeast China's Fujian province Tuesday, Sept. 28, 2021.BEIJING — Ahead of China's quarterly growth numbers due out on Monday, most major investment banks have trimmed their economic predictions for the year and warned thatCNBC tracked estimates for China's full-year GDP from 13 major banks, 10 of which have cut their forecasts since August. The median prediction is growth of 8.2% this year, following the latest cuts.
Of the firms CNBC tracked, Japanese investment bank Nomura has the lowest full-year forecast for China at 7.7%. Southeast Asia's largest bank, DBS, has the highest at 8.8%.Cut to 8.3%, from 8.8%: Cut to 8.2%, from 8.7%
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