HSBC raises China GDP growth forecast
Banking giant HSBC
Beijing - QNA
Banking giant HSBC has upgraded its forecast for China's year-on-year gross domestic product (GDP) growth to 7.5% from 7.4%, saying recovery has been stronger than expected.
The Chinese economy expanded 7.5% year on year and 2% quarter to quarter seasonally adjusted in the second quarter, according to China's (Xinhua) News Agency.
In the first half of 2014, China's economy expanded 7.4% from a year earlier.
GDP growth in the second quarter "surprised on the upside relative to our forecast" owing to stronger-than-expected government support measures, HSBC Chief China Economist Qu Hongbin said in a report.
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