World Bank: China could face an economic crisis

China could face an economic crisis if it does not implement major reforms in the next 20 years, the Wall Street Journal said Thursday, citing a report by the World Bank and Chinese government researchers, the AFP reports.

The "China 2030" report -- to be released Monday -- warns economic growth is at risk of a sharp and sudden slowdown, which could trigger a severe downturn in the world's second-largest economy, the paper said.

The report makes a number of recommendations for restructuring China's economic growth model, including scaling back its vast and powerful state-owned enterprises and making them operate more like commercial firms, the source said.

It also urges Beijing to overhaul local government finances and promote competition and entrepreneurship, the newspaper said, citing half a dozen people involved in preparing the document.