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BEIJING, China—The International Monetary Fund has cut its 2023 economic growth forecast for China to 5.0 percent from 5.2 percent, according to a report published on Tuesday.
“High-frequency indicators suggest further weakness with the property sector crisis in the country leading the factors hampering growth,” it added. The country’s key real estate sector generally accounts for around a quarter of GDP, but the industry has lurched from one crisis to another in recent years, with major firms crippled by mountains of debt.
Over the past two years, the debt woes of property groups have fueled mistrust in a sector that was once highly lucrative.
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