PBoC: China's blistering economy will level off

China’s central bank said on Thursday that the nation’s rapid economic growth would gradually level off, and that it faces challenges on how to manage the economy, AFP reported. The People’s Bank of China (PBoC) noted its dilemma of managing macroeconomic control policies, referring to measures implemented to rein in property prices and to curb bank lending, on concerns that the economy is beginning to lose steam. It also added that internal consumption had to be expanded and income distribution improved. China’s economic growth slowed to 10.3% in the second quarter of 2010, as its stimulus spending was reduced and moves to rein in soaring property prices started to take effect. The PBoC’s comments reiterate those made by China’s Premier Wen Jiabao last month, when he warned of economic difficulties in the future.