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

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.