China will meet its 7.5 percent economic growth target this year, Shanghai Daily reported Monday, citing Yi Gang, deputy governor of the People’s Bank of China.
The government is confident about meeting the target after embarking on a series of reforms, Yi was quoted as saying.
Earlier, the International Monetary Fund (IMF) warned the Chinese economy faces a hard landing which could have negative repercussions on emerging markets.
“China is shifting from high-speed growth to a moderate one, but the quality of development is improving,” Yi told an IMF meeting in Washington at the weekend.
IMF managing director Christine Lagarde said the prospect of a hard landing is small but urged China to control risks in its shadow banking system and liberalize its financial sector to improve the allocation of credit.
Vice Finance Minister Zhu Guangyao rejected the warning, saying the IMF methodology is outdated and “also needs reform”, according to Reuters.
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