(Yicai Global) March 10 -- China's newly-set 6.5 percent economic growth target for this year is achievable, and capital outflow will not pose a short-term threat to the yuan's exchange rate, International Monetary Fund spokesman Gerry Rice said yesterday at a press conference.
China's economic growth target is achievable and is consistent with IMF's current estimates based on the country's current economic growth momentum, Rice said.
China set its economic growth target at around 6.5 percent this year at the annual Two Sessions, the lower limit of the 6.5 to 7 percent economic growth range introduced last year.
"We continue to advise less focus on high GDP growth targets, and more focus on tackling excessive credit growth, hardening budget constraints on state-owned enterprises and boosting the social society system," Rice said.
When questioned about the pressure from China's capital outflows, Rice said, "I think the capital outflow would only become a concern if it would give rise to a disorderly adjustment in the exchange rate and the economy more broadly, and we don't see such a concern warranted right now."