China GDP to grow by just 6.8% in 2015 as property falls: UBS

BEIJING - Wang Tao, chief China economist with UBS AG, said that China's economic growth may fall to 6.8% in 2015, mainly caused by the continuous recession in the property market. That downturn may extend into next year.

Wang said that there is a chance that the Government will issue more policies, including loosening credit policy and lowering the ratio of down payments, but it may fail to reverse the trend. Property sales may fall by another 10 to 15%.

With a prediction for GDP growth of 7.1% in the third quarter and 6.9% in the fourth quarter, Wang said this year’s final GDP growth will likely be 7.2% - the Government has set a target of 7.5%. www.webdershandwick.cn (ATI).