Hong Kong-based bank HSBC has lowered its economic growth forecast for China.
The financial institution with global reach, says a slow property market and tempered business and household confidence have contributed to the lowered outlook.
The global bank now projects China's gross domestic product to grow at 5.3 per cent in 2023, from the initial expectation of 6.3 per cent.
Last week, brokerage firms including J.P. Morgan and BofA Global Research lowered the country's growth outlook, after China's May industrial output and retail sales growth missed forecasts.
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