BofA Global Research cuts 2023 China growth forecast after weak May data

(Corrects story identifier, also widens distribution)

(Reuters) -BofA Global Research on Friday trimmed its China economic growth forecast for 2023, becoming the second Wall Street bank to revise forecast after the country’s May industrial output and retail sales growth missed forecasts.

Economists led by Helen Qiao said they now expect China’s economy to expand 5.7% this year, compared with an earlier estimate of 6.3% growth.

On Thursday, J.P.Morgan cut its China GDP growth forecast for 2023 by 40 basis points to 5.5%.

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