Headline: Brokerage Firms Raise China's 2024 GDP Growth Forecasts

China's economic growth slowed to 4.6% in the third quarter of 2024, marking the weakest expansion since the beginning of 2023, with a slight decline from the second quarter's 4.7% growth. This slowdown is largely attributed to ongoing challenges in the real estate sector, which continue to pose significant obstacles to the country's economic stability.

In response to the sluggish performance, Chinese authorities have significantly ramped up policy stimulus measures since the end of September to invigorate the economy and achieve the government's annual growth target of around 5%. Following the release of the third-quarter GDP data, several brokerage firms revised their forecasts for China's 2024 economic growth. J.P. Morgan increased its forecast from the previous 4.6% to 4.8%. Similarly, Nomura raised its estimate from 4.6% to 4.7%. UBS Global Research also lifted its expectation from the prior 4.6% to 4.8%.

These revised forecasts reflect cautious optimism about China's economic trajectory for the coming year, despite the current challenges facing the country's economy.