The International Monetary Fund and the World Bank are holding their annual meetings in Washington, D.C. this week. The World Bank has already been weighing in on why the economic engine in China has been slowing.

Growth in the world’s second largest economy is predicted to fall to 7.4 percent, a slight decrease from the previous estimate of 7.6 percent. China’s growth is predicted to gradually slow as efforts to address financial vulnerabilities and structural constraints increase.

In 2015, China’s growth is predicted to go down to 7.2 percent, and then drop again to 7.1 percent in 2016. These estimates come after a previous growth forecast of 7.5 percent for both years.

The World Bank has become the latest in a series of major banks to downgrade their outlook for China on growth concerns. In September, U.S. bank Goldman Sachs cut the country’s growth forecast for 2015 to 7.1 percent from 7.6 percent. This year’s forecast was kept at 7.3 percent, which is below Beijing’s target of 7.5 percent.

CCTV America’s Shraysi Tandon reports.

CCTV America business correspondent Owen Fairclough is following the IMF and World Bank meetings from the European side. He interviewed Bruegel Think Tank Director Guntram Wolff (Follow @GuntramWolff) for more insight on the meetings.
Follow Owen Fairclough on Twitter @cloughieDC