Policymakers see darker days ahead in China as growth sputters

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2023-09-06 16:05:30  • 3 mins

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MUMBAI : Policymakers expect persistently slower growth in China, perhaps even more sluggish than current consensus estimates, seeing its transition from an infrastructure- and investment-led economy to becoming consumption-driven as "difficult".

Viewing the crisis in the world's second largest economy as more structural than cyclical, policymakers expect it to feed into a lower growth outlook globally, but also help alleviate some inflationary pressures as commodity prices cool down.

Former Bank of Japan (BOJ) board member Takahide Kiuchi told the Reuters Global Markets Forum (GMF) he expects China's growth rate to decline "to below 4 per cent, or even below 3 per cent," adding this might negatively impact the world economy.

Another former BOJ board member, Goushi Kataoka, meanwhile, predicted a "severe future" for the Chinese economy. "The inflation rate in China is around 0 per cent - that means distortion of domestic demand and domestic supply," he said.

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