The persistent weakness of its property sector lowered the estimate to 4.4% from 4.8%.
Analysts urge more policy support to hit the 5% target this year amid a slow global economy, high interest rates, and trade protectionism.
For 2024, the bank lowered its regional outlook to 4.5% growth from 4.8%, dragged down by external factors including a sluggish global economy, high interest rates and trade protectionism. After months of mostly dismal data, the world’s second-largest economy has started to show signs of stabilisation.
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