In its quarterly report on the Chinese economy, the bank reduced its forecast from the 9.2 per cent growth it had been predicting only three months ago and said that the government should accelerate steps to rebalance the economy away from exports and investment towards more domestic consumption.
The sharp cut reflects the rapid deterioration in the Chinese economy over the last two months, as a slowdown in the local housing market has combined with weaker demand from export markets.
The Chinese economy expanded by 11.9 per cent last year and has been growing at double-digit rates since 2002, although activity was cooling gradually in the first half of the year before the international crisis deepened.
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