Washington . The IMF has said that the pace of economic reform in China is better, but is yet to be done in this regard , because the economy is going through a period of transition and will support the global growth .
International Monetary Fund ( IMF ) spokesman Gary Rice said at a press conference, financial reform process is moving forward in China on 12th November. For example the steps taken to strengthen financially of local governments in China’s new budget law.
He said that, according to this view the pace of economic reforms is better.
While many important steps still remain , because China’s economy is going through a period of transition .We hope that the economic reform process will be completed in the coming years.
“Managing this slowdown is a key challenge: going too slow will lead to a continued rise in vulnerabilities, while going too fast risks a disorderly adjustment. Over the medium term, the key to managing this trade-off is the successful implementation of structural reforms to unleash new sources of growth,” it said
“China is moving to a new normal, with slower yet safer and more sustainable growth,” the IMF said in its latest Staff Sustainability Assessments for G-20 Mutual Assessment Process.