IMF: China is facing a re-balancing process

Dubai - directly said Zhu Min, deputy director of the International Monetary Fund, said that the structural transformation and growth of labor productivity were key to the growth of the Chinese economy,

She added, "Maine" ahead of the annual meetings of the World Bank Group and the International Monetary Fund, which will be held from 9 to 11 October, the IMF has recently cut its forecast for global economic growth this year to 3.1 percent, which is lower than its forecast in July and April of 3.3 and 3.5 per cent respectively. However, it is expected that the GDP growth of China remains steady at 6.8 per cent in 2015.

He said according to Xinhua News Agency, China is facing the rebalancing process where the steadily to amend the economic structure to move from the paid economy to investment and exports to the pattern of economic development services led by domestic demand.

Zhou said the service sector in China's superiority in performance on the industrial sector for the first time in the last year, exceeding the investment consumption to become a major contributor to the overall growth of the gross domestic product, what proves that the overall structure of the Chinese economy sailing in the right direction.

He added that he can not speed up the sluggish growth of the Chinese economy up by force because the risks to a minimum while working to improve quality.

Zhou expressed confidence about the growth of the Chinese economy, saying that the sustained growth of labor productivity is key to economic growth and long-term development.

He stated that "the greatest pressure facing the economy at the moment stems from the continuation of the internal balance and structural adjustment, including labor market reform and adjustment of industrial structure and inject more investment in education and innovation."

In addition, Zhou expressed his belief that China must, as the second largest economy in the world, trying to lift the global status of its currency.

He said that the renminbi's ability to go about to become a global currency transactions and currency settlement transactions is important for the stable economic and financial development in China.

He pointed out that "the question of whether the renminbi will be annexed to the SDR basket will have a significant impact with respect to the status of the renminbi in the international community, which will enhance the widespread use of the renminbi in international trade".

Being the International Monetary Fund a preliminary assessment of the extent of the possibility of the renminbi as a reserve currency, in preparation for a review of the composition of the SDR basket at the end of this year, a review conducted every five years.

Zhou explained that "if the inclusion of the renminbi to the SDR basket, will become a global currency in the true sense, this will be the first time that the International Monetary Fund which accept currency emerging countries within the reserve currencies has listed".

He added that the move would significantly increase the prestige of the renminbi on the world stage and makes sounds emerging markets received more attention and promotes the reform of the International Monetary Fund Organization to become more inclusive.

Zhou and expresses its belief that the RMB internationalization process has developed at a rapid pace in the past decade. And witnessed the renminbi trading abroad significant changes with many countries expressing its willingness to accept renminbi as part of the act ITS foreign reserves. "Going forward on this road, it will be the basket of Special Drawing Rights a significant impact on the internationalization of the renminbi."