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The Chinese economy will expand at a slower pace of 7 percent year-on-year this year, compared with 9 percent in 2008, the Asian Development Bank said in its latest report on Tuesday.

It is 1.2 percentage points lower than its previous forecast in December. The World Bank forecast on March 17 that China's year-on-year GDP growth this year would slump to 6.5 percent.

The ADB also predicts the Chinese economy will rebound next year to grow by 8 percent year-on-year thanks to the implementation of the investment programs unveiled in the government massive stimulus packages and the recovery of the world economy.

It said that the country's inflation will average less than 1 percent this year, providing the government with scope for more accommodative monetary policies to bolster the economy.

It said the decisive action by the government to support faltering growth through expansionary fiscal and monetary policies is the key to the country's economy recovery.