The Asian Development Bank (ADB) Wednesday cut China's growth forecast to 9.3 percent for the year from its previously estimated 9.6 percent.
The ADB also lowered its estimate for the country's economic growth to 9.1 percent from 9.2 percent for next year, according to the update to the Asian Development Outlook released Wednesday by the Manila-based lender, reported Xinhua.
China's economic growth slowed during the first half of the year, mainly due to the country's tightening policies and weakening outbound demand, said Paul Heytens, ADB country director for China, in the report.
The country's gross domestic product (GDP) rose by 9.5 percent year-on-year in the second quarter of 2011, tapering off from the 9.7-percent growth posted in the first quarter of this year and 9.8 percent in the fourth quarter of last year.
The report said the country's economy will largely be driven by domestic consumption and future investment. Urbanization and the massive construction of government-subsidized housing projects will become important engines for GDP growth.
A possible economic slowdown in the second half is mainly due to the faltering global economic recovery, especially the weak demand from European countries as a result of the deepening debt crisis, according to the report.