IMF: Eurozone 'key risk' to China

24 July 2012 Last updated at 23:23 ET

Chinese growth fearsChina relies heavily on demand from eurozone countries for growth of its export sector

The International Monetary Fund (IMF) has warned that the worsening debt crisis in the eurozone poses a "key risk" to China's growth.

The IMF added that China also faces domestic risks, not least from a sharper-than-anticipated decline in the property market.

However, the fund said China had ample room and the fiscal tools "to respond forcefully" to any such developments.

Growth in China's economy slowed to a three-year low in the second quarter.

Its economy expanded at an annualised rate of 7.6% in the three months to the end of June.

The Fund said that it expects China's economy to grow by 8% in the current financial year, but warned that a lack of response to the deteriorating crisis in the eurozone, may cut that number by half.

"The main external risk continues to be spillovers to China from a worsening of the euro area crisis," the fund said.

"Assuming no policy response in China, growth could decline by as much as four percentage points in response to a one and three quarter percentage point slowdown in global growth."

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Aerial Video of China High-Speed Railway Station 航拍高铁车站

Location: Su-Zhou, Jia-Shan, South-East China. Camera: GoPro2; RC aircraft: Xaircraft-X650V Credit: [luckydog] from railhd.com / rail.eastspeed.com. 苏州和嘉善高铁车站，铁路高清网[luckydog]拍摄。

Video Rating: 5 / 5



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