World Bank said on Monday that it is revising its growth forecast for China saying that the Chinese economy is expected to grow at by 7.7 per cent from May's 8.2 per cent.

The global financial body said that the world's second biggest economy is facing a slowdown. It warned that the slowdown could be faster than expected in the growth in China due to continuing weak demand from global markets.

The growth in China slowed due to efforts by the government to ease inflation and weak global demand for its products. The bank cited reasons like limited policy easing, property market correction and subdued external demand for revising the growth outlook for China. It expects the Chinese economy to grow at 7.7 per cent in 2012 and 8.1 per cent in 2013.

The bank also revised growth outlook for Asia to 7.2 per cent this year compared to an earlier estimate of 7.6 per cent. It said that the demand in leading import markets was impacted by a slow recovery in the US economy and recession in Europe.

The World Bank said on Monday that it expects the regional growth to be at 7.6% in 2013 compared to an earlier estimate of 8 per cent.