-Sri Mulyani, World Bank Managing Director
China's posted the slowest economic growth since the global financial crisis in the third quarter and risks missing the official goal for the first time in 15 years, reinforcing the view the world's number two economy is becoming a drag on global economy. China's GDP rose 7.3% in the July-September quarter from the previous year, slightly exceeding analysts' predictions for a 7.2% growth. Although there has been some slowing in the economy, particularly in the property sector, the overall economy and labour market remain resilient, putting less pressure on stimulus expansion. Economists remained divided on whether or not officials would step in with extra stimulus measures such as interest rate cuts. Nevertheless, China's government said previously it would tolerate economic growth slightly below the official target this year by refraining from broad stimulus. However, World Bank Managing Director Sri Mulyani urged Chinese policymakers to deepen and implement reforms at a much faster manner and not rely solely on fiscal and monetary policy to fuel growth. The bank is predicting a 6% growth in the medium to long term. The International Monetary Fund forecasts 7.4% GDP growth this year and 7.1% in 2015. In the long-run, the Conference Board expects the Chinese economy expanding at a 4% pace annually after 2020 following decades of rapid growth. China's GDP goal was 7.5% in 2012 and 2013, with actual growth of 7.7% both years.
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