HSBC Global Research Keeps CN Full-Yr GDP Growth Forecast at 4.9%

　　HSBC Global Research held a webinar on Asian economic outlook for 2H24. The broker stated that China remained the engine of growth for the Asian economy, and maintained its forecast of 4.9% GDP growth for the full year.

　　Frederic Neumann, HSBC's Chief Asia Economist, said investors should not be too conservative in interpreting the outcome of the Third Plenum, as the Mainland property market is now seen as systemically important, which may signal more responsive policies to help stabilise the domestic housing market in the coming months.

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　　In addition, Neumann expected the US Federal Reserve to cut interest rates once in September this year and 3 times next year, implying that US interest rates will remain at around 4.25% for a short period of time by the end of next year, a relatively high level in the past decade.

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