Asia Breaking News: IMF Says China Needs Reform Package to Keep Growth Success Going

Wochit 0:58 mins

China needs another round of "decisive measures" to make sure it continues its successful economic growth as its margins of safety are falling amid growing domestic problems, the International Monetary Fund said in its latest report. The International Monetary Fund warned that China?s growth has slowed significantly in recent months and even its current pace of expansion may be unsustainable unless the country starts making significant and systemic changes to its economy soon. Chinese state-run oil companies are investing $5 billion to develop seven new gas fields in the East China Sea, possibly siphoning gas from the seabed beneath waters claimed by Japan, a move that could further inflame tensions between the two countries.

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