GOLDMAN SACHS AND CITIGROUP CUT CHINA'S 2024 GROWTH FORECAST TO 4.7%

Goldman Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7%, after the world's second-largest economy's industrial output slowed to a five-month low in August. Weak economic activity in August has ramped up attention on China's slow economic recovery and highlighted the need for further stimulus measures to shore up demand.

The faltering growth has prompted global brokerages to scale back their 2024 projections to below government's target of around 5%. Goldman Sachs earlier expected full-year growth for the economy at 4.9%, while Citigroup had forecast growth at 4.8%.

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