Some have been determined to go down with the ship.
With China’s economic momentum subdued since March amid the real estate downturn and a tight fiscal policy stance, the investment bank now expects gross domestic product to expand 4.6% in 2024, down from an earlier estimate of 4.9%. For next year, UBS sees growth at 4%, down from 4.6% previously.
“We expect weaker property activities to have a bigger drag on the overall economy than earlier expected, including through household consumption,” UBS economists including Wang Tao wrote in a note Wednesday.
