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News Summary: IMF cuts China growth forecast

By The Associated Press
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DIMINISHING EXPECTATIONS: The International Monetary Fund cut its forecasts for China’s economic growth Monday and said a “hard landing” was still possible where investment spending could fall more sharply.

THE DETAILS: The IMF reduced its China growth outlook by 0.2 percentage point to 8 percent for 2012 and by 0.3 point to 8.5 percent for 2013. That is far stronger than the United States and Europe, but China’s slowdown has dampened hopes it might make up for weak Western demand and drive global growth.

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