As the US State Department doses, Secretary Antony Blinken will meet with Chinese President Xi Jinping at 4:30 pm local time (09:30 am BST). In view of this imformation and the resulting hopes for warming US-China relations (and a potential revival of trade and the economy), the CHNComp index reduced some of the declines caused by the downward revision of GDP forecasts in China. As a reminder, here is the revision of Chinese GDP forecasts:
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Goldman Sachs lowered China's GDP growth forecast for 2023 from 6.0% to 5.4%. The forecast for 2024 was lowered from 4.6% to 4.5%. According to Goldman Sachs, China's fiscal and monetary stimulation will not be enough to generate a strong growth momentum
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Nomura lowered China's GDP growth forecast for 2023 from 5.5% to 5.1%
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UBS lowered China's GDP growth forecast for 2023 from 5.7% to 5.2%.
On the other hand, however, oo weekend meeting between U.S. Secretary of State Blinken and Chinese Foreign Minister Qin Gang did not make any significant statements, raising the possibility that the meeting with Xi Jinping will not bring any major updates either.
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