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"Analysts at Goldman Sachs downgraded their forecast for China's GDP growth from 4.9% to 4.7% — notably lower than the country's target of "around 5%" for the year.
"Although macro policies have started to ease, they are too slow and reluctant. As a result, the Chinese economy faces more challenges today than even just a few months ago as confidence continues to erode," the analysts said in a Sunday note.
China's slow and incremental monetary, fiscal, and housing policies from the past year have created cycles that promise further weakening ahead, the analysts said.
They pointed in particular to China's efficiency pushes in manufacturing, which are driving strong exports but likely hurting the labor market as the number of jobs created by GDP output trends down.
"For both structural and cyclical policies, the speed of implementation matters as much as the direction of these policies. Pushing high-tech manufacturing and automation too quickly without strengthening unemployment support may lead to labor market pressures," the analysts explained."
China can't boost its economy because its macro policy is 'too slow and reluctant,' Goldman Sachs says (msn.com)