Description:It's crunch time for China. Fresh manufacturing data shows factories are feeling the pain of a weaker global economy. Few analysts expect an economic meltdown in 2012. But they do expect more policy action from Beijing. So what to expect? First up, cuts in the so-called required reserve ratio, the money that banks are ordered to hold. Also expect some stimulus. Not the lending binge of 2008, but more targeted measures, including lowering overall debt.(1:55)