From Macquarie Research: China Economics - China in 2014: Déjà vu or a fresh start? For 2014, we forecast 7.5% GDP growth and 3.5% CPI inflation. The main difference between us and market consensus is our quarterly growth trajectory. Specifically, we envisage a V-shaped path in 2014. The single most important upside risk to our 2014 forecasts is a stronger-than-expected recovery in the advanced economies.