Bank of America cuts China’s GDP growth forecast again in two months | Bank of America | Energy Crisis | Chinese Economy

Expert: China needs to calculate some economic accounts

[Epoch Times October 20, 2021](Epoch Times reporter Liu Yi comprehensive report) Bank of America lowered again on October 19China’s economyThe growth forecast is that this year’s real gross domestic product (GDP) growth forecast will be reduced from 8.0% to 7.7%. The reason is thatenergy crisisAfter hitting China’s huge industrial sector, the Central Bank of the Communist Party of China postponed the introduction of important policy support measures.

According to Reuters and the Hong Kong Economic Times,Bank of AmericaWhile lowering the mainland’s GDP growth this year, it also lowered the GDP forecast for 2022 from 5.3% to 4.0%, and it is expected that by 2023China’s economyThe growth rate will stabilize at 5.3%, a decrease from the previous forecast of 5.8%.

This is alreadyBank of AmericaFor the second time in two months, China’s GDP growth rate was lowered.

On September 21, the Bank of America lowered its expectations for China’s economic growth in the next three years. At that time, the GDP growth forecast for this year was lowered from 8.3% to 8.0%, the forecast for 2022 was lowered from 6.2% to 5.3%, and the forecast for 2023 was lowered from 6.0% to 5.8%.

UBS, another international investment bank, also lowered its GDP growth forecast for the mainland in 2021 from 8.2% to 7.6%.

This is because the Chinese Communist Party announced on October 18 that GDP growth in the third quarter of this year was 4.9% year-on-year, the lowest in four quarters. The data has triggered concerns about the Chinese economy from outsiders, who believe that the downward pressure on the Chinese economy may be greater than expected.

Another Reuters article on the 19th stated that whether it is the energy supply meeting held by the Development and Reform Commission of the Communist Party of China after the recent electricity price reform, or the quarterly data release meeting of the Bureau of Statistics, in many functional department meetings discussing China’s energy shortage, the analysis of energy During the time of tension and economic downturn, the man-made reasons related to dual control of energy consumption and sports emission reduction were not mentioned, ignoring the harm to the entity economy caused by the introduction of the “strict and loose” regulatory policies.

The report quoted an expert who did not want to be named to say at an internal seminar that supervision is needed, but what kind of supervision is also worth discussing. “The result of campaign-style policies is greater uncertainty. This is particularly evident this year.”

An expert from a research institution affiliated to the National Development and Reform Commission of the Communist Party of China said: “China should calculate some economic accounts. The high cost has external factors, but there are also systemic factors, such as the marketization of manufacturing. Supporting, energy, financial and land reforms are not in place, and the system cost is very high.”

The article stated that the mainland’s campaign to reduce emissions is also one of the reasons why China’s economy fell far short of expectations in the third quarter.

He Keng, who served as the vice chairman of the Finance and Economics Committee of the National People’s Congress of the Communist Party of China, predicts that China’s GDP growth rate may fall below 4% in the fourth quarter because it is difficult to recover the basic driving force of economic growth-the level of household consumption. It may be more difficult next year, or there will be economic stagflation.

Editor in charge: Li Muen#

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