World Bank: China growth forecast down

The World Bank lowered its growth forecast for China's economy to 9.4% from 9.6%, AP reported. However, the bank said China's growth would "remain robust" despite an uncertain global outlook slowing China's exports, citing rising domestic consumer spending. The reduced number is still higher than Beijing's official target of 8% growth for the year, but comes after the World Bank already sharply reduced its expectations for China's annual growth from 10.8% to 9.6% in February. The bank said that rising prices would continue to exert pressure on the economy.