Nomura note issued Friday, says the firm has cut its forecast for China's 2023 GDP growth to 5.1% from 5.5%:

  • in view of the worsening downward spiral of major activity data and Beijing's tepid response to date, we lower our GDP growth and inflation forecasts
  • expect China to introduce a raft of supportive measures to follow the rate cuts

The cut comes as China's economic growth has faltered, losing steam after an initial bounce out of COVID.