Goldman Sachs, Citigroup Downgrade China’s 2024 Growth Forecast to 4.7 Percent

Goldman Sachs and Citigroup have scaled down their growth forecast for China this year to 4.7 percent in recent days after the Chinese communist regime released its sluggish economic data for August. The ruling Chinese Communist Party’s (CCP’s) official annual 5 percent growth rate set for this year is unlikely to be achieved. Analysts pointed out that due to the CCP’s increasing lack of transparency and falsification of data, it has become more difficult for Western institutions to know the real situation of the Chinese economy, which could be much worse than what the Chinese regime is admitting. The CCP’s National Bureau of Statistics released data on Sept. 14 showing that the industrial output increased by 4.5 percent year over year in August, slower than the 5.1 percent in July, marking the lowest growth rate since March....