China's slower GDP growth worthwhile for long-term sustainability

WASHINGTON - A slower economic growth in China in the near term is a price worthwhile for a more sustainable growth and higher income in the future, Gerry Rice, spokesperson of the International Monetary Fund (IMF), said at a press conference on Thursday.

According to the spokesperson, a moderate slowdown in China's economic growth rate was a desirable adjustment and necessary for the country to carry out reforms and other adjustments.

Implementing reforms and addressing vulnerability entailed some costs, such as slower near-term growth, said Rice. He said the IMF has "recommended the (Chinese) authority could accept a range of 6.5 to 7 percent for growth target in 2015."

Rice noted that a moderate growth rate for China was still relatively strong for other countries around the world. In its July report, the IMF expected the Chinese economy would increase 7.1 percent next year.

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