The World Bank on Monday slashed its forecast for China’s economic growth this year to 7.5 percent, from an April projection of 8.3 percent. Asia’s biggest economy is expected to expand by 7.7 percent in 2014, down from the previous 8.0 percent estimate, the Washington-based lender said in a statement on its website. China’s short-term outlook is improving as industrial production gains momentum, but a shift toward a domestic demand-driven growth model could slow investment, the statement said. Also, the World Bank cut its forecasts for East Asia’s developing nations to 7.1 percent for this year and 7.2 percent for 2014, down from April projections of 7.8 percent and 7.6 percent.
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