IMF official says emerging markets crucial

The world will continue to rely heavily on developing nations, amid slowing momentum, to help keep the world economy growing, said Zhang Tao, a Chinese economic official who is the new deputy managing director of the International Monetary Fund.

"Looking into the future, emerging markets and developing countries will continue to contribute a great share of global growth," Zhang told reporters on Sunday evening.

Zhang was at his first yearly meetings of the IMF and World Bank in his new job. Zhang replaced Zhu Min, also a Chinese national, on Aug 22. The meetings were from Friday to Sunday in Washington, DC. Zhang is a vice-governor of the People's Bank of China and was IMF executive director for China from 2011 to 2015.