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China on course to beat gov't growth target
18.07.2013 09:59 "Agro Perspectiva" (Kyiv) —
The International Monetary Fund on Wednesday said China’s economy is on course to grow 7.75 percent in 2013, higher than the government’s 7.5 percent target and actual growth of 7.6 percent in the first half of the year, Voice of Russia reports referring to AFP.
But the IMF also expressed concern about looming financial risks and warned that, longer term, annual economic growth rates could plummet if China fails to follow through with promises to rebalance its economy. For this year and next, however, the IMF sees no significant risk for a sharp slowdown in the world’s second-largest economy, said Markus Rodlauer, the Fund’s mission chief for China.
«The latest data confirm that growth is on track more or less towards the authorities’ growth target and probably even slightly higher than that,» Rodlauer told reporters on a conference call.
«While there are some downside risks to this outlook, we are quite confident that growth is on a solid, reasonable path,» he added.
Rodlauer spoke as the IMF released documents covering the results of its regular «Article IV consultation» with the Chinese government.
China’s leaders are vowing to pivot the economy away from reliance on exports and investment and steer it towards domestic demand as the primary growth driver.
The IMF welcomed that aim, saying such a «reform strategy charts a path toward mitigating risks, rebalancing growth, and addressing income disparities, thus safeguarding China’s important contribution to global growth».
Longer term, however, the Washington-based Fund warned that sustaining strong future growth depends on following through with reforms.
«Time is running out on the current model,» it said, cautioning that economic growth could eventually slow to about four percent, while per capita GDP «would remain about a quarter of that of the United States through 2030».
The IMF’s optimism for growth prospects this year comes after private economists expressed alarm following slowing growth the past two quarters, with some doubting the government can achieve its target.
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