Citi Raises China GDP Forecast, Saying Economy Has Bottomed Out

(Bloomberg) — Citigroup Inc. raised its growth forecast for China to 5% this year, as promising data helps build consensus around the nation’s ability to achieve its official government target.

Retail sales and industrial production may improve, the economists wrote Wednesday, adding that the nation’s export contraction could also narrow after official manufacturing surveys expanded for the first time in six months.