EU predicts China growth of 7.7% in 2012

European Union has forecasted that China's economic growth rate will reach 7.7 percent in 2012, a slowdown from 9.2 percent in 2011 and predicated a similar level of growth for 2013 and 2014.

The figures are from EU's autumn report on economic growth with detailed analysis on economic situation in EU and its member states. China, Japan and US are also briefly mentioned in the report.

The report said China's economic slowdown was faster than expected, the growth rate will be 7.7 percent in 2013 and snails to 7.8 percent in 2014.

The warning report was released shortly after US announced its general election and China started its process of leadership transition.

Given the weakness of external demand, and likely, sluggish demand from the domestic private sector, EU said the current outlook for China largely hinges on whether reported measures to accelerate public investment projects and some targeted fiscal measures directed towards consumers, will prove sufficient to generate a substantial improvement in domestic prospects.

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