China is expected to see an annual growth rate of 2.1 percent this year as the country is the first to achieve recovery in the world, according to a report by the Bank of China on Monday.

China has launched a slew of policies to stabilize the economy and mitigate the severe impact of the coronavirus pandemic. In the first three quarters, China's GDP growth has turned positive, with a growth rate of 0.7 percent.

Next year, China's economy is expected to grow 7.5 percent, as 2021 is the initial year for the 14th five-year plan, and measures boosting domestic consumption, improving the business environment, and enhancing innovation will continue to be introduced, said the report.

Meanwhile, the report warned that the global financial market has stabilized after severe turbulence, but there are still volatility risks. The impact of the pandemic will continue in the first half of the year, and recovery can only be achieved in the second half.

The global economy may present the characteristics of "three lows, three news", namely low growth, low-interest rates, and low investment, and new forces, new trends, and new orders.

Many new topics need to be stressed amid the uncertainties of the global financial market, including the accelerated evolution of the international political and economic landscape, the continued differentiation of cross-border direct investment in regions, the coexistence of "risks" and "opportunities" in the international multilateral economic and trade system, and the downward trend of the U.S. dollar, according to the report.

Read more: China to be the only economy with positive growth in 2020, says IMF report

(Cover: A man buying food in a supermarket in Chengdu, Sichuan, October 9, 2020. /CFP)