,Fitch Ratings revises China’s growth to 8.1% this year, compared with a previous 8.4% estimate, due to a slowdown in the property sector. – EPA pic, September 23, 2021.
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RATINGS agency Fitch today cut its growth forecast for China’s economy this year citing a slowdown in the country’s colossal property sector, which is also facing headwinds over faltering real estate giant Evergrande.
China enjoyed a swift economic rebound from the Covid-19 pandemic, but strict new rules on the country’s developers have caused a deleveraging rush and helped push housing giant Evergrande to crisis point.