China to see lower GDP growth

China's economy is likely to be impacted by the bleak economic outlook, industrial overcapacity and dismal real estate market, reported Bank of China Ltd. Economic expansion is expected to contract to 8.8% next year as compared to 9.3% in 2011, the bank added. The pace of China's growth will be severely affected by slowdown in developed countries as global economy is projected to grow by 4% next year with developed economies expanding only by 1.9% in 2012, according to the IMF forecast.