By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Christine Lagarde, managing director (MD) of the International Monetary Fund (IMF) said on Monday China is in the midst of a historic transition aimed at transforming and rebalancing its economy.

“This transition is good for China and good for the world. As with any major transition, we should expect that it will at times be bumpy. A delicate balance needs to be struck between shifting to a relatively slower but more sustainable pace of growth, and implementing much-needed structural reforms,” Lagarde affirmed.

According to the IMF’s chief, she is  impressed by the Chinese authorities’ commitment to an ambitious policy agenda, including through opening up the economy, narrowing the gap between rich and poor, and expanding innovation and entrepreneurship–three policy imperatives that she described as the “ONE principle”.

Lagarde noted that the global lender’s decision to include the Renminbi as part of the SDR basket starting in October this year, along with the approval of the 2010 governance reforms which place China among the IMF’s top three (3) shareholders, are a testament to China’s growing leadership in the global arena–a role that is set to increase even further in the future.

The IMF MD said during her visit to China; she was also honoured to speak at the 2016 China Development Forum under the theme of “China in the New Five-Year Plan,” where she met with Zhang Gaoli, vice premier and other seniour policymakers, thought leaders and corporate executives on the challenges facing the world and China in the period ahead.

“In my meetings with the authorities, we exchanged views on the latest developments in the global economy, China’s 13th Five-Year Plan and related reforms, as well as China’s Presidency of the G20 this year,” Lagarde added.

This is coming on the conclusion of a two-day visit to the country.