China's growth slowed to a five year low of 7.3 percent last quarter and the world Bank now predicts a further decline reaching closer to 7 percent next year. Instead of trying to stick to official growth targets the bank has urged Beijing to focus on market oriented reforms. World Bank economists warned the Chinese government against pumping credit into the economy. They also recommended an overhaul of China's state dominated financial system and reforms in its labor and real estate markets. Chinese job losses remain a concern as government officials continue efforts to reduce China's reliance on foreign trade. TheStreet's Amelia Martyn-Hemphill reports from New York.

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