The China Academy of Social Sciences has quelled some fears of a major economic slowdown in China, but the annual Blue Paper report said employers would start cutting jobs next year, the China Daily reported.

Others are projecting the down year for employment would accelerate declines in property prices, which could tumble up to 30 percent in major cities, like Beijing, Shanghai and Guangzhou next year.

The government announced a $600 billion stimulus plan last month, which could prop up consumption of industrial commodities, like metals, including steel.

Industrial production is projected to rise 7 percent in November, compared with November 2007, the Daily said.