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WASHINGTON, Aug. 13 (Xinhua) -- The International Monetary Fund (IMF) said Friday that China's near-term economic outlook is positive, with an expected growth rate as high as 6.6 percent this year.


"Many countries could only dream of achieving growth rates that China has and is likely to achieve, which also reflects positively on the reforms that Chinese policymakers have undertaken," said James Daniel, the IMF mission chief for China.


He made the remark on Friday as the financial institution released a report concluding its annual economic health check on the Chinese economy.


CHINA'S EFFORTS TO RE-BALANCE ECONOMY PAY OFF


Daniel praised the achievements China has made in its economic transition, which the IMF expects will continue and benefit the global economy.


Among them, China's current account surplus now accounts for 2-3 percent of China's gross domestic product (GDP), down from a peak of 10 percent. In addition, the income-labor ratio has improved while energy consumption per unit of GDP fell.


Remarkable progress has been made in adjusting the growth pattern, enabling a growing importance of services relative to industry, and consumption relative to investment.


According to the IMF report, China's internal and external imbalance is expected to fall gradually due to aging and a stronger social safety net. Household consumption is expected to continue to pick up on the back of falling household savings and rising disposable income.


China's strong growth, despite a slowed investment, was achieved thanks to increasing consumption, said David Dollar, a senior research fellow at the Brookings Institution, a Washington-based think tank, and a former official of the World Bank.


He believed that China's economic growth is entering a positive cycle, as domestic consumption is continuously rising on the basis of wage hikes to motivate the expansion of services, which create more jobs expected to generate more income.


PROGRESS IN STRUCTURAL REFORM


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