ADB cuts China's growth forecast to 8.8 pct

HONG KONG, Dec. 6 (Xinhua) -- China's growth is expected to grow 8.8 percent in 2012, according to the latest Asia Economic Monitor, issued by the Asian Development Bank (ADB) on Tuesday.

The semi-annual report released Tuesday assessed the 10 ASEAN economies as well as those of Chinese mainland, China's Hong Kong, the Republic of Korea, and Chinese Taipei.

Among them, Chinese mainland growth is expected to remain the highest in the region, expected to grow 8.8 percent in 2012, 0.3 percentage points lower than the forecast in September. China's Hong Kong's growth forecast was reduced from 4.7 percent to 4.0 percent in 2012. The economic crisis in the United States and Europe will make Chinese exports slow down, the report said.

Economic growth in emerging East Asia will continue to moderate into 2012 as growing sovereign debt problems in Europe and an anemic U.S. economy raise the spectra of a deep global economic downturn, the ADB said.

The ADB cut its forecast for the region's growth in 2012 to 7.2 percent from the 7.5 percent forecast in the September Asian Development Outlook 2011 Update. Growth is still forecast at 7.5 percent for this year.