ADB predicts investment slowdown

Asian Development Bank (ADB) released a report stating that Chinese investment growth is likely to drop off by almost half to about 16% annually in 2004 and 2005. The bank's Asian development report said that property investment in China would cool as a result of high prices and tightening on property loans by banks. China is also going to implement stricter regulations on the overheating automobile, steel, aluminum and cement sectors, according to the report. The report predicted that China's GDP would grow by 8.3% in 2004 and 8.2% in 2005.