The World Bank has cut its growth forecast for China amid warnings of slower but more stable global growth over the coming months. The bank now expects the China to grow 7.7 per cent in 2013, down from its earlier projection of 8.4 per cent. It also cut the forecast for global economic growth to 2.2 per cent from 2.4 per cent.
The bank said, growth in China, the world's second-largest economy, has slowed as policymakers look to re-balance its growth model. Over the past few decades, China has relied heavily on exports and government-led investment to boost its economy. However, a slowdown in key markets such as the US and Europe has seen a decline in demand for Chinese exports, prompting concerns whether China can sustain its high growth rate.