Beijing, April 12 (IANS) China's economy is expected to expand at 8.2 percent in 2012 and 8.6 percent in 2013 as domestic demand will continue to boost the world's second-largest economy amid weak external demand, the World Bank (WB) said Thursday.
"The Chinese economy is in the midst of a gradual slowdown," the WB said in its China Quarterly Update released Thursday, expecting cyclical weakness to dominate the country's near-term outlook.
The WB's projection about China's economic outlook was 0.3 percentage points lower than what the Asian Development Bank forecast Wednesday.
The WB projected that domestic demand will contribute 8.4 percentage points to China's growth in 2012 as consumption growth slows slightly, partly due to base effects, and investment growth decelerates rather sharply, reported Xinhua.
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