Banks trim China's GDP forecasts as its leaders huddle at plenum

Weak Q2 growth and sluggish consumption put policymakers in hot seat

A policeman stands guard near a closed road leading to the Jingxi Hotel in Beijing, where the Communist Party's Central Committee is understood to be holding its third plenum, on July 15. © AP

WATARU SUZUKI, Nikkei staff writer

July 16, 2024 15:38 JST

SHANGHAI -- Investment banks have downgraded their forecasts for China's economic growth this year after weak second quarter results released on Monday, adding pressure on President Xi Jinping to offer more support at a key Communist Party meeting this week.

China's gross domestic product growth in the April to June quarter slowed to 4.7% on the year, falling below the 5.3% increase in January to March, as well as a consensus forecast for 5.1% growth by 30 economists in a Nikkei poll.