Signs country tapping its growth potential

In its latest Global Financial Stability Report released on Wednesday, the International Monetary Fund said: "The Chinese authorities face an unprecedented policy challenge in carrying out their objectives to make the transition to a new growth model and a more market-based financial system."

Such a reminder of how serious the country's economic challenges are may not be music to all ears, especially when it comes immediately after a weeklong national holiday.

Yi Gang, deputy governor of the People's Bank of China, was not trying to sweeten the tune when he told the international community "don't worry" after the IMF warned of the risks from China's economic challenges.