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China’s GDP growth rate slowed to 8.1 per cent in Q1 from 8.9 per cent in Q4.Economists poled by Bloomberg were looking for 8.4 per cent.
However, the markets seem to be holding up.
The Shanghai Composite is up 0.1%.
Hong Kong’s Hang Seng is up 1.3%.
Bloomberg Brief economist Michael McDonough argues that the “[r]isk of Chinese hard landing still extremely minimal.”
Don’t forget, the Chinese government is officially targeting 7.5 per cent GDP growth this year.
Some economists think that’s too conservative. Bank of America’s Ting Lu sees China’s GDP growing 8.6 per cent this year. Morgan Stanley’s Helen Qiao recently boosted her China GDP growth forecast to 9.0 per cent from 8.4 per cent.