Goldman Sachs on Monday lowered its forecast for China’s 2024 gross domestic product to 4.9% from 5.0% on the back of data showing that the country’s economy slowed in the second quarter.

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“To counteract weak domestic demand, we believe more policy easing is necessary through the remainder of this year, especially on the fiscal and housing fronts,” said Goldman Sachs economists, led by Lisheng Wang.