(Yicai Global) July 27 -- China's economy is sustaining its powerful performance and realizing progress in financial oversight and administration and promoting openness and reform, said the International Monetary Fund, which projected 6.6 percent growth for this year, state news agency Xinhua reported.

The organization offered this assessment the same day it concluded its Article IV consultation with China. The country's prospects for economic growth are still strong, the IMF believes, and offer opportunities to hasten balanced adjustment and realize other reforms based on the current policy agenda.

These assessments are elaborated in the IMF's annual consultation report, called the Article IV consultation staff report.

The IMF further welcomes China's decisive and strategic shift from high-speed to high-quality growth, and appreciates the progress in its near-term reform, above all in taking measures to reduce financial risks and continued promotion of opening. China must also act decisively to further bring about structural reform,prop up consumption, reduce pollution, and accelerate economic rebalancing.

The organization also hailed China's promise to hew to free trade and multilateralism and believes that the country's recently announced open policy is a step in the right direction, and urges it to speed reform in this area, and to support and strengthen the system of international trade and the globalized economy to resolve its trade conflicts.

The IMF also found that the yuan exchange rate was stable against a basket of currencies last year, and its value accorded with fundamentals, and it would welcome China's increase of its exchange rate flexibility.  

The organization also expressed its views on the One Belt, One Road initiative, saying this needs the setup of a comprehensive framework, improved coordination and oversight and more open procurement, and proper regard for partner nations' capacity to sustain debt, with corresponding measures greatly assisting attainment of success in the initiative.  

Article IV of the Articles of Agreement of the International Monetary Fund mandates that the organization deploy personnel each year to survey members' economies, and macroeconomic policies, state of economic progress and conduct consultations with them and hold corresponding discussions with the IMF's Executive Board.

Editor: Ben Armour