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Three economist teams see China with less than 6pc GDP growth


ECONOMISTS from Oxford Economics, Bank of America Merrill Lynch and Bloomberg Economics have downgraded China's prospects for economic growth to below a level needed for the Communist Party to meet its goals for 2021.

These economists all cut their forecasts for GDP growth in 2020 to below six per cent as a result of increasing risks from the tariff war with the US.

Bank of America's Helen Qiao and others are warning that the government's current approach to stimulus is proving insufficient, reports Bloomberg.

China is refraining from cutting benchmark policy rates or pumping large volumes of cash into the economy even as growth slows to the weakest in almost three decades and the tariff escalation in August adds further headwinds.

That's endangering President Xi Jinping's ability to claim China has reached a "moderately prosperous society" that has doubled 2010 GDP by next year, as a rate above per cent in 2019 and 2010 would be needed.

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