The Chinese economy may face greater downward pressure in Q4 without major incremental policy steps in the face of economic weakness and higher prices, wrote Wu Ge, chief economist of Changjiang Securities in a blog post. CPI growth may accelerate to break the 3% ceiling early Q3 amid rising pork and vegetable prices. A downturn in exports is also likely, though shipments are resilient in the short term under a low base, said Wu. There is a possibility of cutting the five-year Loan Prime Rate, Wu added.
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