Goldman and Citi expect less growth

Investment bank Goldman Sachs has cut its growth forecast for China for the current year from 8.2 to 7.8 percent, Reuters reports. Causes are cited as energy shortages(China.Table reported) and production cuts in industry. The power supply crisis has prompted companies in several parts of the country to cut production. Goldman Sachs estimates that as much as 44 percent of China’s industry has been affected, which will have a noticeable impact on economic growth. Most recently, Japanese automaker Toyota also reported being affected by the power shortages in China.