China´s economy growth likely to slow next year

China's economy is likely to grow at a slower pace next year if the government's tighter monetary policies take effect.

The Asian Development Bank said in a report that economic growth will slow to 10.5 percent in 2008 from 11.4 percent in 2007 if government measures to cool the economy begin to take hold.

So far this year, the central bank has raised its benchmark rate five times and the reserve requirement ratio 10 times in its efforts to contain an increasingly overheating economy and surging stock markets.

China's growth in the first three quarters hit a record 11.5 percent and is projected to sustain double-digit levels for the remainder of this year and next, although the pace is likely to moderate to 10.5 percent in 2008.