IMF, World Bank note efforts to reform nation's finances

Global financial organizations acknowledged China's achievements in recent economic and financial reforms after a two-year comprehensive evaluation of the country's financial sector, while providing recommendations for enhancing risk supervision.

The International Monetary Fund and the World Bank Group jointly published a series of reports on Thursday, with the core being the China Financial System Stability Assessment - a summary of outcomes of the every-five-year update of China's Financial Sector Assessment Program.

China's economic growth has continued during the past five years, while "the financial system has facilitated the country's high growth rate and the consequent sharp decline in poverty rates", the main report said, calling on the financial sector to better support China's economic transformation from an export-and investment-driven model to one depending more on services and consumption.