Economic reforms in China are needed
China should make structural and financial reforms to create a more stable and balanced economic growth pattern, the International Monetary Fund (IMF) said on Tuesday.
"It's extremely important to carry on financial sector reforms, social security reforms [and] reforms of monetary policy that will ensure that the set of tools that the authorities have is fully modernized and appropriate to ensure stable and solid growth in China in the future," said Gian Maria Milesi-Ferretti, assistant director of research at the IMF, during a press briefing about the World Economic Outlook (WEO) in Washington.
The WEO, released on Tuesday, forecasts economic growth in China of 6.8 percent this year, and 6.3 percent in 2016, maintaining the same forecast from January.
The Asia and Pacific region is projected to be moderating, but still will "continue outperforming the rest of the world over the medium term", the report said.
It also kept global growth predictions in line with forecasts in the January 2015 WEO, which is 3.5 percent in 2015. The global growth is "moderate and uneven", according to Olivier Blanchard, chief economist, economic counselor and director of research at IMF.
Blanchard said there are four forces shaping the world economy over the medium term: legacies of the financial and the eurozone crises, a decrease in potential output growth, a decline in the price of oil, and foreign-exchange rate movements.
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