Goldman Sachs cuts China's 2024 growth forecast to 4.7pc

Goldman Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7 per cent, after the world's second-largest economy's industrial output slowed to a five-month low in August, reports Reuters.
Weak economic activity in August has ramped up attention on China's slow economic recovery and highlighted the need for further stimulus measures to shore up demand.
The faltering growth has prompted global brokerages to scale back their 2024 projections to below government's target of around 5 per cent.
Goldman Sachs earlier expected full-year growth for the economy at 4.9 per cent, while Citigroup had forecast growth at 4.8 per cent.
China's industrial output in August expanded 4.5 per cent year-on-year, slowing from the 5.1 per cent pace in July and marking the slowest growth since March, data from the National Bureau of Statistics (NBS) showed on Saturday.
Retail sales - a key gauge of consumption - rose 2.1 per cent in August, decelerating from a 2.7 per cent increase in July amid extreme weather and a summer travel peak. Analysts had expected retail sales, which have been anemic all year, to grow 2.5 per cent.