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

China’s real economic situation could be much worse than what the official data show, Chinese American economist Davy J. Wong said.

A view of the city skyline and the Huangpu River in Shanghai on Feb. 24, 2022. Aly Song/Reuters

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) official annual 5 percent growth rate set for this year is unlikely to be achieved.