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IMF confident about China's GDP growth expectations at 6.5-7.5 percent this year

Xinhua, October 7, 2015 Adjust font size:

The International Monetary Fund (IMF) is confident about its GDP growth expectations for China in the range of 6.5 percent to 7.5 percent in 2015, according to the organization's latest World Economic Outlook released here Tuesday.

China having unrolled fiscal measures and its infrastructure investments are the main reasons for the economic growth this year, according to the report.

China's economic transformation, the fall in commodity prices and the approaching normalization of U.S. monetary policy are the three main forces currently impact the global economy, leading global growth to hit only 3.1 percent in 2015, said Maurice Obstfeld, the IMF economic counselor.

"China's rebalancing from exports and public investment to consumption, from manufacturing to services. This is healthy and necessary in the long-term ... but there will be repercussions for the world, especially developing countries," added Obstfeld.

The IMF's support for Beijing's decision is seen as crucial, since it could impact the international financial organization's decision to include the Chinese currency, the yuan, in its basket of Special Drawing Rights currencies in November. Endit