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Financial News: China's GDP Growth To Weaken Slightly In 2018:

China's GDP Growth To Weaken Slightly In 2018: IMF

05/30/2018 - 04:09:00 (RTTNews)

(RTTNews) - China's economic growth is set to weaken slightly this year after accelerating in 2017, the International Monetary Fund said Tuesday.

Concluding the Article IV Mission to China, IMF staff said growth is expected to slow marginally to 6.6 percent in 2018 and moderate gradually to about 5.5 percent by 2023.

IMF staff welcomed the authorities' strategy to more decisively shift the policy focus from high-speed to high-quality growth. They observed that it will increase the benefits of growth for the Chinese people, as well make growth more sustainable.

IMF's First Deputy Managing Director David Lipton urged China to address the distortions that still beset its economy and affect cross-border trade and investment.

"Achieving this goal of high-quality growth requires building on the existing reform agenda and taking advantage of the current growth and reform momentum to 'fix the roof while the sun is shining," said Lipton.

He advised China to de-emphasize growth targets and focus on high-quality growth and to continue to rein in credit growth. Lipton said China needs to raise government social spending and to open up more markets to the private sector.

Further, Lipton recommended China to continue its financial sector reforms.

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