ADB: China’s GDP to grow 9.6% in 2011, 9.2% in 2012

China’s economy will expand 9.6% this year and 9.2% in 2012 due to slowing export and investment growth, according to the Asian Development Bank. The country’s GDP grew by 10.3% in 2010. Fixed-asset investment is expected to remain a key economic driver, but its impact is set to ease as Beijing winds down fiscal stimulus policies and adopts a tighter monetary stance. Export growth is projected to reach about 20% this year and 18% next year, well down on the near 30% average seen in the five years prior to the global economic downturn. The expected decline is attributed to relatively sluggish demand from major markets and the expiry of tax rebates on some exports. The ADB added that inflation would remain a concern, with consumer prices likely to rise 4.6% this year compared to 3.3% last year. However, 2012 should see inflation ease to 4.2% as commodity prices level off, the South China Morning Post reported.