The IMF has lowered its growth forecast for the Chinese economy in 2015 from 7.3% to 7% or lower, Financial Times reported. The IMF sees a steady build-up of debt, particularly by local governments and in the shadow banking sector, as the biggest risk to the economy. Despite concerns about a slowdown in the property market, it said this may only be cyclical and that growth can resume once corrections take place to adjust for overheating. Beijing set a target of 7.5% growth for this year, a pace the IMF still believes it can achieve.
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