China's stimulus-boosted private sector is on track to lead the economy to a 'self-sustained recovery' that could see growth hit 6.6 percent this year, according to HSBC.
China's stimulus-boosted private sector is on track to lead the economy to a"self-sustained recovery" that could see growth hit 6.6 percent this year, according to HSBC.
The Chinese government last month set its GDP growth target for this year at between 6.0 percent to 6.5 percent, below last year's of about 6.5 percent. China is set to announce first quarter economic growth on April 17. HSBC said in a report Monday that recent economic data, including stronger manufacturing activity, show that"growth has bottomed and will gradually pick up in the coming quarters as the stimulus measures filter through."
They said previous packages were focused on infrastructure spending but the latest tax and fee cut announced by Li — which they described as the biggest in a decade — is centered on corporate tax cuts for the crucial non-state sector.
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