CRI听力:IMF: Chinese economy still robust despite trade tensions

In its latest annual assessment of the Chinese economy, the International Monetary Fund (IMF) is suggesting the Chinese economy remains robust, despite external trade tensions.

The IMF says the Chinese economy continue to perform strongly with growth projected at 6.6% for the full year.

The IMF is offering a positive picture of the world's second largest economy after its annual regular consultation with the Chinese government in May.

The Fund's 2018 annual assessment of the Chinese economy, a 120-page document, comes at a time when China is in an intense trade conflict with the United States.

The IMF also says in its report that it welcomes Chinese authorities' strategy to decisively shift the policy focus from high-speed to high-quality growth.

It also acknowledged recent reform progress made in the country, such as improving financial regulation, reducing overcapacity and combating pollution.

The report specifically highlighted China's role as a global digital leader.

It says China's massive internet user population and supportive regulatory and supervisory environment have made the country a global leader in e-commerce, fin-tech and other frontier technologies.

The report also argues digitalization will continue to reshape the Chinese economy by improving efficiency and softening slowing growth.

As for the near terms risks, the Fund points out that, while the country's corporate debt to GDP ratio has stabilized, government and household debt is still on the rise.

The IMF says the Chinese government may have to take strong actions over an extended period of time to address the issue.

Furthermore, the Fund is warning that risks are tilted to the downside, with tightening global financial market conditions and rising trade tensions.

The Fund suggests Chinese authorities move to resolve policy tensions now and focus on high-quality growth and a greater role for the market.

It says if these actions are taken more decisively, the country's near-term growth would be weaker but long-term growth will be stronger and more sustainable.