Lender trims China, Asia growth forecasts

The Asian Development Bank cut its annual growth forecast for China to 7 percent from 7.2 percent on Thursday, blaming weak external demand, a declining working-age population and rising wages in the country.

China's GDP grew by 7 percent year-on-year in the second quarter, higher than previous market estimate of 6.8 percent.

Jurgen Conrad, head of the economics unit, PRC resident mission of the ADB, told a news conference in Beijing that he did not see any reason to mistrust the figures.