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China GDP growth outlook sputters to 3.3%, threatening global economy

Weak consumption spoils earlier signs of recovery

People walk along Shanghai's main shopping area Singles Day on Nov. 11. The unofficial shopping holiday saw a significant drop-off in package deliveries, indicating depressed consumption.   © Reuters

BEIJING/TOKYO -- The Chinese economy is on track to expand by 3.3% in real terms this year, according to the latest QUICK FactSet survey of private-sector analysts, indicating that growth will be much slower than anticipated and weigh on the global economy.

The updated forecast represents a 1.8-point downgrade from the estimates at the start of the year. China has an official annual growth target for gross domestic product set at around 5.5%.

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