BEIJING: China’s economy in 2016 still faces relatively large downward pressure and the speed of economic growth may fall further, said a top planning body’s think tank, recommending more monetary policy easing, the Economic Daily reported.

The National Development and Reform Commission’s (NDRC) think tank recommended that China’s government continues to cut interest rates and banks’ reserve requirement ratio to bolster flagging growth in the world’s second largest economy.

China should also give way to pressure on yuan depreciation, the think tank said, in order to boost exports. Beijing has been struggling to reach its economic growth target of around 7 percent this year, despite a raft of policy easing steps in recent months.

China’s top leaders have started an annual meeting to map out economic and reform plans for 2016, state media reported on Friday. The central bank has also been notable for its lack of a response to the US Federal Reserve’s interest rate hike on Wednesday.