PBOC pares economic growth goal

Policy boost expected to become evident during third quarter

The People's Bank of China has lowered its full-year GDP growth forecast to 7 percent from the previous estimate of 7.1 percent issued in December as first-half economic momentum turned out to be weaker than expected.

"But we have reason to expect some modest recovery in sequential growth in the second half," said the updated mid-year report by the central bank.