World Bank Cuts China’s 2008 Growth Outlook to 9.4%

According to WSJ: “The World Bank cut its forecasts for China’s economic growth because of weaker housing demand and softer private investment and consumption as well as the global downturn.

In its latest China Quarterly Update, the World Bank said China’s economy will likely grow 9.4% this year, slower than 11.9% in 2007 and its earlier projection of 9.8%.

The bank cut its growth forecast for 2009 to 7.5% from 9.2% earlier.”