ADB: 2008 growth to dip below 10%

The Asian Development Bank (ADB) revised downward its projection for China's economic growth this year to 9.9% from 10%, due to a global economic slowdown, sharp rises in food and energy prices, and volitile financial markets, state media reported. The ADB report said the 9.9% growth rate, along with a forecast of 9.7% growth in 2009, was still "fairly good." Worse-than-expected US economic news, including recent revelations about government-sponsored mortgage firms Fannie Mae and Freddie Mac, also had an impact on the ADB's revision of its April projection.