August 20, 2010 (Chinavestor) JPMorgan Chase (NYSE:JPM), the second-largest U.S. bank by assets, lowered its 2010 GDP forecast for China to 9.8% from a previous estimate of 10% because the U.S. and global economic recoveries appear to be "losing momentum" as the bank put it. The bank also lowered its 2011 growth outlook.
JPMorgan's (NYSE:JPM) 2011 GDP forecast is now 8.6% compared with a previous estimate of 8.8%. China reported first-quarter GDP growth of 11.9% and second-quarter growth of 10.3%. China's economy recently surpassed Japan for number two in the world behind the U.S.
Earlier this week, the State Information Center said China's third-quarter GDP is likely to fall to 9.2% and growth in the fourth quarter will come in between 8%-8.5%.