OECD Slashes Growth Outlook for China on Slowing Demand
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The Organization for Economic Co-operation and Development (OECD) took a firmer stance on its outlook for China growth in 2013.
On Wednesday, OECD cut its outlook from 8.5 percent down to just 7.8 percent. The agency cited weak demand and global uncertainties on the move.
Looking to 2014, OECD cut its outlook from 8.9 percent of growth down to 8.4 percent. Increased policy support will be key in meeting the growth target.
Last year, China's growth slowed to a 13-year low of 7.8 percent on weak demand from the U.S. and Europe Union.
News today comes following another bearish outlook on China issued earlier this year, when the International Monetary Fund (IMF) trimmed its growth outlook for China by 25 basis points to 7.75 percent.
U.S. markets are lower at the open Wednesday. Notably, the iShares FTSE/Xinhua China 25 Index (NYSE: FXI) is also lower early.
On Wednesday, OECD cut its outlook from 8.5 percent down to just 7.8 percent. The agency cited weak demand and global uncertainties on the move.
Looking to 2014, OECD cut its outlook from 8.9 percent of growth down to 8.4 percent. Increased policy support will be key in meeting the growth target.
Last year, China's growth slowed to a 13-year low of 7.8 percent on weak demand from the U.S. and Europe Union.
News today comes following another bearish outlook on China issued earlier this year, when the International Monetary Fund (IMF) trimmed its growth outlook for China by 25 basis points to 7.75 percent.
U.S. markets are lower at the open Wednesday. Notably, the iShares FTSE/Xinhua China 25 Index (NYSE: FXI) is also lower early.
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