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Late in Tuesday's session, the World Bank cut its growth forecast for China to 6.5% from 7.5%. The bank cited dropping exports as a reason for the lowered forecast, but it did note that it is confident in China's ability to expand its economy in the current environment. The bank's quarterly report say that the drop in trade is going to negatively impact China's investment and job creation. Nevertheless, China should grow faster than other countries thanks to its stimulus package coupled with its strong banks, which have escaped the financial crisis unscathed. A week ago, China's Premier Wen Jiabao announced that the country should meet its official 8% growth target (which some believe must be met for the country to create enough jobs for its influx of new workers) although exports fell 25.7% in February. Economists expect China's growth to come in between 5% and 8%, which is sharply lower than 2007's 13% expansion, but better than any other major country.
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