ADB: China's rapid economic growth pace will slow this year or reach 9.6%

China Economic Network Beijing, April 6 (reporter Liu Yangwu) The Asian Development Bank (ADB) reported today that the growth rate of China's economy will slow in 2011 and 2012, along with slower growth in investment and exports. China's economy is likely to grow by 9.6% this year and 9.2% per cent in 2012, the ADB's report released today, the Asia Development Outlook 2011.　　China's economy grew by 10.3% in 2010, a growth based on strong export recovery and investment and consumer warming. China's GDP growth is expected to slow in the next two years as the government ends its fiscal stimulus package and inflationary pressures tighten monetary policy, the report said.　　But looking ahead, fixed asset investment will remain the main driver of economic growth for the next two years. China's inflation rate averaged 3.3% in 2010. In 2011, the figure would reach 4.6% per cent due to ample domestic liquidity, rising food prices and high international commodity prices.　　But inflation in 2012 will fall back to 4.2% per cent as commodity prices fall.　　The Chinese government has already deployed a "Twelve-Five" plan that focuses on balancing the momentum of economic growth, focusing more on domestic consumption and services, and on narrowing the income distribution gap and strengthening environmental protection. "The need to shift the economic growth model is more urgent than the 11th five-year plan," said Mr Rhee, chief economist at ADB. The imbalances in global economic development have become more pronounced, and the recent decline in global economic growth underscores the risk of heavy reliance on external demand. "The downside risks to economic growth lie in the further weakening of external demand and in the financial and debt concerns of the EU as China's largest trading partner," the report said.