IMF Confident Of China’s Growth Expectations
The International Monetary Fund (IMF) is confident about its GDP growth expectations for China in the range of 6.5 to 7.5% in Y 2015, according to the organization’s latest World Economic Outlook released Tuesday.
China having unrolled fiscal measures and its infrastructure investments are the Key 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 US monetary policy are the three main forces currently impact the global economy, leading global growth to hit only 3.1% in Y 2015, said Maurice Obstfeld, the IMF economic counselor.
“China’s re-balancing 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 RMB Yuan, in its basket of Special Drawing Rights (SDRs) currencies in November.
By Mu Xuequan
Paul Ebeling, Editor
HeffX-LTN
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