China's economy is once again struggling, raising concerns among analysts and market participants. On October 24, IMF Managing Director Kristalina Georgieva issued a cautionary note, expressing concern that China’s economic growth could fall to levels "significantly below" 4%.

Such a scenario could unfold in the absence of reforms aimed at boosting domestic consumption, an area that Chinese authorities are currently addressing. Persisting weakness in the country’s real estate sector is hampering improvements in consumer confidence, Georgieva said at the annual press briefing in Washington, underscoring the need for urgent measures.

Earlier, the People's Bank of China trimmed its benchmark lending rate, with the cut being slightly larger than expected. The decision followed a series of measures implemented by Beijing to support the country's economic growth.