Experts say economic upgrade to boost multilateral FTAs

China is set to further promote economic cooperation with East Asian countries by making greater efforts to push for the establishment of multilateral free trade zones.

On Monday, the World Bank cut its economic growth forecast for 2013 and 2014 for China and most developing East Asian economies. It now estimates that developing East Asian economies will expand 7.1 percent this year and 7.2 percent in 2014, down from its April forecasts of 7.8 percent and 7.6 percent, respectively.

The bank said that developing East Asian economies are growing at a slower pace, as China shifts from an export-oriented economy and focuses on domestic demand.