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People's Daily Online>>China Business

GDP growth forecast reduced

By Wang Yanlin  (Shanghai Daily)

08:19, November 30, 2011

The debt crisis in the eurozone and a falling domestic property market prompted another two huge financial institutions yesterday to cut their forecast of China's economic growth next year.

The gross domestic product in the world's second-largest economy may expand 8 percent in 2012 from a year earlier, down from a previous estimate of 8.3 percent, UBS AG said.

Meanwhile, Citigroup Inc also lowered its forecast of China's economic growth next year to 8.4 percent from 8.7 percent.

"The much weaker eurozone growth will affect the rest of the world, including China," UBS economist Wang Tao said in a note. "We expect China's exports to decline in early 2012, and as a result of this, we cut the country's growth forecast."

Citigroup, on the other hand, viewed a correction in China's property sector may slow the economy's growth rate, along with the debt crisis in Europe and a possible third round of quantitative easing in the United States.

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