Bank lowers its forecast for China
Source: Xinhua |
October 3, 2013, Thursday
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Print Edition
Print Edition
The Asian Development Bank has further downscaled its growth forecast for China this year to 7.6 percent due to weak domestic demand.
In April, it predicted the economy would grow at 8.2 percent, but in July it cut that to 7.7 percent. In its latest report, the Manila-based lender estimates that China will grow at 7.4 percent next year.
China’s slowdown is the cost of its economic restructuring, and the government’s latest moves to control credit bubbles and shadow banking showed that the current slowdown can benefit the country’s long-term sustainable development, the ADB said.
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