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3 Mar 2015
China might downgrade GDP growth target to 7% for 2015 – ING
FXStreet (Barcelona) - Tim Condon of ING, expects the Chinese government to downgrade its GDP growth target in today’s meeting for 2015 to 7% from 7.5% in 2014.
Key Quotes
“The first of the “two meetings”, the Chinese People’s Political Consultative Conference (CPPCC), starts today (the second, the National People’s Congress (NPC), starts on Thursday). PM Li’s work report to the NPC, which lays out the economic targets for 2015, typically is the focus for investors.”
“At the annual Central Economic Work Conference held in December the leaders signalled a cut in the GDP growth target; social factors including an aging society and decreasing rural workforce and energy and environmental constraints required a shift from high-speed to medium- to high-speed growth.”
“We think it has become a solid consensus view that the 2015 growth target will be cut to 7% or to a range that includes 7% from 7.5% in 2014.”
“We reiterate our 7.1% forecast for 2015 GDP growth (Bloomberg consensus 7.0%).”
Key Quotes
“The first of the “two meetings”, the Chinese People’s Political Consultative Conference (CPPCC), starts today (the second, the National People’s Congress (NPC), starts on Thursday). PM Li’s work report to the NPC, which lays out the economic targets for 2015, typically is the focus for investors.”
“At the annual Central Economic Work Conference held in December the leaders signalled a cut in the GDP growth target; social factors including an aging society and decreasing rural workforce and energy and environmental constraints required a shift from high-speed to medium- to high-speed growth.”
“We think it has become a solid consensus view that the 2015 growth target will be cut to 7% or to a range that includes 7% from 7.5% in 2014.”
“We reiterate our 7.1% forecast for 2015 GDP growth (Bloomberg consensus 7.0%).”