The IMF has cut its growth forecast for China’s economy to 6.7 per cent this year from 8.5 per cent and called upon Beijing to focus on boosting domestic demand. “It implies a lot of changes – difficult changes, painful changes – in the Chinese economy,” Dominique Strauss-Kahn, IMF managing director, said of the revised projection. China’s economic growth slumped to 6.8 per cent in the fourth quarter of 2008 with exports posting a 2.8 per cent year-on-year decline in December. Full-year GDP growth for 2008 came to 9 per cent.
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