Citi lowered China’s 2024 GDP growth forecast to 4.8% from 5%, citing weak economic momentum and inadequate policy support. The bank observed disappointing growth in Q2 2024 and a further softening in July, with low confidence affecting consumption and private investment. Citi projects a 4.5% growth for 2025 and anticipates additional policy stimulus, including a 20 bps cut in the seven-day reverse repo rate.