Economists at HSBC Global Research again cut their outlook for growth in China's GDP and exports this year, writing in a note Wednesday that they foresee a softer rebound in the current quarter. HSBC now expects Chinese government data to show gross domestic product expanding by 7.1% in 2015, down from a previous projection for 7.3% growth. They also cut their export forecast sharply, expecting a 4.2% increase in outbound trade this year, down from 7.1% previously. The dimmer picture for exports was "a reflection of softer external demand and the [yuan's USDCNY, -0.07% ] strength in relation to its trade partners," they wrote. "Weaker exports will weigh on corporate spending and sentiment. Meanwhile, policy easing is behind the curve, further cutting into investment growth," the economists wrote.