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Lagarde hails China's economic shift

Christine Lagarde, managing director of the International Monetary Fund, said on Tuesday the organization "does not believe that the world's second-largest economy will face a hard landing" and that China's decision to transform "from quantity to quality" is the right one. Speaking at the Global Women's Forum 2016, Lagarde said China's lower growth was "deliberate" and healthy as the government has decided to transform the country from a place of mass production to one of quality production, and from investment to consumption.