Bank of America Merrill Lynch on Aug 13 downgraded its 2012 annual GDP growth forecast for China to 7.7 percent from 8.0 percent.

The bank also lowered China's economic growth forecast in the third quarter from 8.0 percent to 7.4 percent, and from 8.3 percent to 7.7 percent in the fourth quarter.

The downgrade is due to concerns including limited room for China to further ease monetary policy, the government's growing sensitiveness to the real estate rebound, and the deteriorating prospect of economic growth in developed economies, the bank said in a report.

The bank also lowered its 2013 annual GDP growth forecast for China to 7.6 percent from 8.0 percent

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