World Bank warns of China's economy SLOWDOWN. Top planner racking its brains to ensure 'STABILITY'

The World Bank has projected that China's economy will expand by 8 percent in 2021，a downward revision of its June forecast at 8.5 percent

China's economic growth in the Q3 slowed to 4.9 percent year on year from expansion at 7.9 percent in Q2 and 18.3 percent in Q1

The report said that the slowdown of China’s economy reflects less-favorable base effects diminished support from exports, and the government's continued deleveraging efforts

But it also noted that China's service sector has foreseeable potential

China is now facing three outstanding challenges, according to the World Bank

Shifting to a greater reliance on consumption and services

A greater role for markets and the private sector

Transforming toward a low-carbon economy

These challenges, somehow, echo with what is raised at China’s key Economic Work Conference which is held on early December

And NDRC, the country’s top economic planner, is now working on the detailed polices to tackle with those downward risks

Some detailed supporting financial policies have been rolled out
China’s central bank on Monday cut its main interest rate for the first time in 20 months, hoping to reduce borrowing costs for households and firms and in turn encourage consumer spending and investment

It also lowered the reserve requirement ratio for most banks by half a percentage point

That move is expected to unleash some 1.2 trillion yuan (US$188 billion) for business and household loans

China’s top leaders has marked "STABILITY" as the country’s top priority for 2022

Editor: Bonnie

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