China In-Focus: Goldman Sachs revised China’s GDP downwards to 4% amid COVID-19 control 

China In-Focus: Goldman Sachs revised China’s GDP downwards to 4% amid COVID-19 control 

RIYADH: Tight Covid-19 controls are seen exacerbating China’s economic stance. America’s Goldman Sachs revised the Asian country’s gross domestic product downwards to 4 percent. The country’s stocks also fell on Wednesday due to the lockdown consequences. On top of this, several factories and plans are expected to leave the country in light of rising labor costs, worsening trade tensions with the US, and Covid-19 impacts. Meanwhile, some buyers are eyeing liquified natural gas demand rebound as covid-19 is expected to unwind soon. · American multinational investment bank and financial services company Goldman Sachs Group Inc. has revised China’s GDP downwards to 4 percent, down from 4.5 percent previously, Bloomberg reported, citing economic data from April. In addition to this, the investment banking company also cut forecasts for the second quarter to 1.5 percent year-on-year, down from 4 percent originally. · China’s stocks dropped on Wednesday amid fears that government stimulus and policies will not be enough to help the economy recover from COVID-19 repercussions. This comes as China’s blue-chip index, also referred to as CSI300, lost 0.4 percent while the Shanghai Composite Index lost 0.3 percent. · Several factories and plants might leave China amid rallying labor costs, exacerbated US-China