BEIJING — The annual growth rate of China's economy is projected at 6.1 percent, according to a report by the Bank of China (BOC).

"The overall verdict is cautiously optimistic," the BOC Research Institute said in the Report on Economic and Financial Outlook for 2020.

China is facing growing complexities with more risks and challenges from both home and abroad, said the report.

In terms of pro-growth policies, the report underscored the importance of policies to further stabilize the economy.

In the bigger picture, the report has forecast global economic growth to hit 2.6 percent for 2020, a new low in recent years, with an obvious downward trend.

Sci-tech development and new economic industries represent the future of the global economy, said the report, stressing the necessity to strengthen global cooperation in innovation and investment to push the real economy out of its low ebb.