China expected to grow 5.3% in 2022, says official

The Chinese Academy of Social Sciences CASS, a top government think tank, said that China's economy is expected to grow around 5.3% in 2022, bringing the average annual growth rate forecast for 2020 -- 2022 to 5.2%.

Advisers to the government will recommend a 2022 economic growth target lower than the 2021 target set for 2021 of above 6%, amid growing headwinds from a property downturn, weakening exports and strict COVID 19 curbs that have impeded consumption.

The world's second-largest economy is expected to have expanded by about 8% this year, according to the annual blue book on the economy from CASS. The think tank warned that the property downturn is likely to persist and will weigh on the expenditures of local governments next year.

The report said that the central government should proactively engineer a soft landing for the property sector, to avoid failed land auctions in big cities and to fend off the risks of falling property prices in smaller cities.