Washington-based development bank, World Bank, has lowered its growth forecast for China as it noticed a slowdown in production and exports during the first two months of this year.

From its earlier forecast of 7.7 percent GDP growth, the World Bank said China's growth could slow to 7.6 percent. The trimmed forecast was included in the World Bank's East Asia and Pacific Economic Update.

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However, the bank said in the report released today that the decline is just moderate, and China's quarterly growth will rise by midyear.

The World Bank also trimmed its growth forecast for the entire East Asia from 7.2 percent to 7.1 percent due to the global financial market's tightening.

The Chinese government is targeting a GDP growth of 7.5 percent this year despite the economic slowdown, strong local currency, and heavy pollution that have turned off investors.

The government target, however, has been considered by experts as something that will be hard to achieve this year. Several global banks and financial analysts also forecast a slower GDP growth for China.

US-headquartered financial services firm, Morgan Stanley, earlier said China's economic growth for this year will not surpass 7.2 percent due to the slowdown in the first three months. "The 7.2 percent GDP growth will be attained by October," said Helen Qiao, Morgan Stanley's chief economist for China.

Even Chinese investment bank, China International Capital Corporation, said that the country's GDP growth will drop to 7.3 percent because of several downward factors. China's GDP growth last year hit 7.7 percent.

Chinese Premier, Li Keqiang, stressed that the government will not push for GDP growth of more than 7.5 percent considering the different economic factors experienced in the country. Li said that while GDP growth target will not be high this year, the government will work hard to provide jobs for its people. Last year, China created 13 million jobs.