IMF official on China's economy

Added On May 28, 2015

A senior official with the International Monetary Fund (IMF) has projected that Chinese economy to grow at 6.8 percent this year as a result of economic transformation to safer and higher-quality growth.
IMF first deputy managing director David Lipton said on Tuesday that the 6.8 percent growth is largely in line with Chinese authorities' growth target of around 7 percent.
He attributed the slower growth to China's transformation to a new normal, which aims at safer and higher-quality growth.
But he believes the transition is both "challenging and necessary."
Lipton also talked about Chinese currency, saying it's no longer undervalued.
According to a statement issued after the IMF's 2015 Article IV Consultation with China, the Chinese labor market has remained resilient despite slower growth, which, in turn, has supported household consumption. 
It also foresees that inflation is expected to end the year at around 1.5 percent.