China is facing a “downward economic spiral” amid a mounting crisis in its debt-laden property sector, analysts have warned.
Seven City banks slashed their growth forecasts for the world’s second-largest economy on Monday after what was dubbed “disappointing” and “piecemeal” support measures from the central bank.
Economists at Zurich said in a note: “China’s downward economic spiral continues, with the property market at its core.
“We see an urgent need for more convincing, proactive government support to tackle the vicious cycle.”
