China has admitted that its economy is hurting with the country's growth rate experiencing a rough slowdown that significantly needs a major intervention.

According to China's top banker, Zhou Xiaochan, the country's economy has tumbled 'a bit too much' as he urged  the government to take drastic measures to arrest the slowing growth rate.

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Zhou said China has still room to set the economy in order, such as adopting 'quantitative measures' and setting interest rates.

"China's inflation is also declining, so we need to be vigilant to see if the disinflation trend will continue, and if deflation will happen or not," said Zhou, governor of the People's Bank of China.

Zhou said China's economic slowdown has affected the performance of various financial sectors such as banking, housing, and the corporate scene.

Reports said corporations are neck-deep in debt and are seeing pathetic profit margins. Banks are swamped with debts, too, while the housing market is experiencing a slowdown.

Zhou, who spoke before regional leaders at the Boao Forum for Asia, admitted that the country's economy has not been growing this slowly since the 1990s.

Financial experts said everyone expected China's economic slowdown since it's decision to structure its economy from one based on financial investments to another based on domestic consumption was made years ago.

As it acknowledged that the slowdown was rough, China assured the world that the situation is under control. Despite the financial experts' calls for China to issue intervening measures, Chinese officials  have opted to 'monitor deflation'.

The experts said that the problem with deflation is that China is strapped for cash and that the banking system is laden with debt.The people need cash in order to pay interest on their debt.  

Another thing reportedly hurting the economy was President Xi Jinping's anti-corruption campaign.

Zhou said the campaign has driven away the rich who are scared to spend that much amount of money. Add to this, rich government officials and businessmen accused of corruption have been arrested and thrown in jail.

Zhou said these arrests have disrupted the way businesses are being run in China.

It will be recalled that President Xi announced his anti-corruption campaign upon assuming his position more than two years ago.

He later told state-run media Xinhua that he will not tolerate any suggestions that his campaign is hurting the economy.

He said that the banking sector will find a way to generate all those cash to flow into the economy.

TagsZhou Xiaochan, economic slowdown, quantitative measures