World Bank lowers China’s 2008 GDP growth forecast

By Xinhua

Beijing : The World Bank has revised downward its forecast for China’s 2008 GDP growth to 9.6 percent, which is 1.2 percentage points lower than an earlier estimate.

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In its China Quarterly Update released Monday, the World Bank said China’s growth prospects remain robust but there are macro-policy challenges, including of inflation.

China’s economic growth has begun to inch down from its record high in 2007, but the country is in a strong macroeconomic position to stimulate demand by easing fiscal policy and credit controls, even if the global slowdown will be more pronounced, the bank said.