China’s GDP grew with 4.7% YTD which translates in 4.3% YoY while economists predicted 4.8% YTD and 4.5% YoY respectively." One only has to look at the price developments in the real estate sector to raise serious doubts." "Indeed, it is the same real estate crisis that is the main reason for suppressed consumer sentiment and consequently, retail sales. The resulting economic growth is also likely to be below China’s growth target of between 4.5 and 5% economic growth. While we do expect China’s economy to grow with 4.5% this year, we expect next year growth to be around 4.2%."