IMF praises China for high economic growth

The International Monetary Fund (IMF) praised the Chinese government's achievements in maintaining high economic growth in an annual report on the Chinese economy released on September 11.

The report predicted a growth rate of around 10 percent this year.

It warned that the government needs to introduce control measures to prevent the economy from falling into a cycle of prosperity and recession. It approved of the government's medium-term strategy for economic reform, especially the policy of shifting growth points from investment and export to consumption.

Though it believes the RMB exchange rate could be more flexible, most IMF officials think it is proper for the government to push forward changes gradually so that they can be controlled, arguing that too much haste would have a negative impact on the stability of the macro-economy.

By People's Daily Online