World Bank cuts China growth forecast to decade low

The World Bank has cut its economic growth forecast for China this year from 8.5% to 8.2%, which would be its weakest level in more than a decade.

It cited sluggish US and European demand and a softening property market as reasons for the fall. The Chinese government's own growth forecast is currently 7.5% for 2012. In its biannual East Asia and Pacific economic update, the World Bank said a slowing China will also drag growth in emerging east Asia to two-year lows this year. However, it warned Europe's continuing debt crisis could inflict even bigger damage on the region. "With the European Union accounting for one third of global import demand, a recession there will inevitably take its toll on east Asia," the World Bank said....