In its preliminary findings, the IMF praised Beijing for its commitment to key structural reforms, including boosting consumption and environmental protection, but warned of "uneven progress" and called for more urgency in the implementation of corrective measures.
"We see significant advances on switching from industry to services, but less on tackling credit growth; and there has been substantial liberalization of financial markets but less improvement in governance and hardening SOE budget constraints. As a result, vulnerabilities are still rising and the buffers to deal with shocks are eroding," said David Lipton, the IMF's first deputy managing director.