JP Morgan cuts China's GDP growth forecast

JP Morgan Chase & Co on Wednesday joined an increasing number of foreign institutions that have lowered their expectations for China's economic growth due to the country's worse-than-expected economic data in April.

The investment bank said in a research note that it cut its forecast for China's 2013 GDP growth to 7.6 percent from its previous 7.8 percent estimate.

China's industrial output expanded at a faster rate in April to 9.3 percent year-on-year, up from 8.9 percent in March, the National Bureau of Statistics said on Monday. However, the figure is lower than the 9.4 percent growth expected by most investment banks.