Despite challenges ahead, China's growth momentum is expected to rebound in the second half of the year as a result of the government's stimulus plans, Ibrahim Chowdhury, World Bank senior economist for China, said in an interview with CGTN.

The World Bank revised its economic forecast for China down to 4.3 percent this year, from a higher expectation of 5.1 percent in December, amid COVID-19 outbreaks and changes in the global environment, according to a report released on Wednesday.

Chowdhury said the Chinese government's supportive measures will help stabilize economic growth, but officials will face challenges in implementing them effectively.

Many Chinese cities and provinces have revealed measures to encourage consumption, including giving vouchers and spending subsidies.

Chowdhury said these steps were welcome but only the richer cities have the financial means for a large-scale rollout of consumption vouchers, so central government may have to step in and support less affluent provinces.

The American Chamber of Commerce recently released a report indicating that more than 70 percent of the assessed companies have reinvestment plans in China for 2022, and 58 percent consider their overall return on investment in China to be higher than elsewhere.

Chowdhury said the poll demonstrates that foreign firms, despite the existing challenges, seem committed to China for the long run and are prepared for the current turmoil.

China's full-year growth, he said, could be higher than currently projected if the pandemic is brought quickly under control and domestic restrictions are fully lifted.

The World Bank's report also highlights that structural reforms to encourage a shift towards consumption, address social inequality and rekindle innovation and productivity growth – including in technologies vital for China's dual carbon goals – would help achieve a more balanced, inclusive and sustainable growth trajectory for China.