BOC lowers annual growth forecast

Lender says economic recovery unlikely in forthcoming quarter

Bank of China Ltd said on Thursday that it was lowering its annual GDP growth forecast for China to 7.4 percent from 7.5 percent and said more favorable fiscal policies, like support to weaker sectors and easier property purchase norms, are essential to maintain the growth momentum.

The State-owned lender said that the revision was necessary as a study undertaken by its research unit - the Institute of International Finance - showed that the economy is unlikely to show a marked recovery in the forthcoming quarter.