© Reuters. FILE PHOTO: A Chinese national flag flies in front of HSBC headquarters in Hong Kong, China, July 28, 2020. REUTERS/Tyrone Siu/File Photo

(Reuters) – HSBC on Tuesday lowered China’s economic growth forecast for this year, citing drag from the property sector, and tempered business and household confidence.

The global bank now forecasts China’s gross domestic product (GDP) to grow at 5.3% in 2023, from 6.3% expected earlier.

Last week, brokerages including J.P. Morgan and BofA Global Research lowered the country’s growth outlook after the country’s May industrial output and retail sales growth missed forecasts.

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