So, nice and easy does it

Slower pace, demand-stimulating policies and efficient use of resources needed to promote balanced growth in coming years

Recovery, relaxation and rebalancing are the three key drivers that will shape the Chinese economy in 2012 and beyond. Unlike the United States and the European Union, China can probably grow out of the problem, but this requires that China's new leadership accepts a slower but more balanced growth model. While policy easing can partly offset an external slowdown and contain downside risks, sustained growth depends on demand-creating policy changes.

The global economy will face a period of prolonged slow growth and it remains unclear which part of the world will exit the global crisis first. In the eurozone, the sovereign debt crisis has dragged the economy into a recession, and growth in the US will likely remain weak in 2012. We expect industrial countries to grow 0.9 percent in 2012, the third lowest growth since 2000.