China must take hard decisions for successful reforms:IMF

China must take hard decisions and make trade-offs as it embarks on major restructuring as the world's second largest economy aims for higher quality and more sustainable growth, IMF chief Christine Lagarde said today.
"These reforms are ambitious. They will require hard decisions and trade-offs, but I am confident that China will rise to the challenge - as it has always done," Lagarde said.
After showing great economic leadership, especially during the recent global financial crisis, China has its eyes firmly fixed on the goal to achieve "higher quality, more inclusive, and more sustainable growth", Lagarde said addressing the annual China Development Forum.

Reform plans that came out of the Third Plenum of the Communist Party of China plot a course to this destination.
The journey so far has propelled China to the top tier of the global economy and lifted hundreds of millions of people out of poverty in a remarkably short period of time, she said.
But at the same time "this new transformation will come with three key dimensions - a firm destination, a clear roadmap and a deep sense of global responsibility," she said.

"As China's share in the global economy continues to rise, so will its responsibility in supporting the global common good - global financial stability, environmental sustainability, and the global rules of the game.

The IMF will be a key forum for this kind of global cooperation, and I welcome a strengthened partnership with China," she said.
Addressing the meeting, Chinese Vice Premier Zhang Gaoli said the China will stick to the policy of deepening reform to foster new impetus for economic growth.
The economy has the foundation for steady growth and the conditions for sustaining medium to high growth for a relatively long time, he said.
"Deepening comprehensive reforms will significantly stimulate the people's enthusiasm to innovate and start businesses, enhance the dynamism of market entities and foster new endogenous momentum for growth," Zhang said.

China Development Forum is a platform for the business and academic communities to interact with decision makers and economic planners.