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    JP Morgan cuts China's GDP growth forecast

    By Hu Yuanyuan | China Daily | Updated: 2013-05-16 05:06

    JP Morgan Chase & Co on Wednesday joined an increasing number of foreign institutions that have lowered their expectations for China's economic growth due to the country's worse-than-expected economic data in April.

    The investment bank said in a research note that it cut its forecast for China's 2013 GDP growth to 7.6 percent from its previous 7.8 percent estimate.

    China's industrial output expanded at a faster rate in April to 9.3 percent year-on-year, up from 8.9 percent in March, the National Bureau of Statistics said on Monday. However, the figure is lower than the 9.4 percent growth expected by most investment banks.

    JP Morgan cuts China's GDP growth forecast

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