The International Monetary Fund (IMF) today warned Chinese authorities of the "increasingly urgent" need to shift towards a growth model centred on private consumption, as China's reliance on credit and investment to sustain its growth is "raising vulnerabilities".

In its annual staff report, the IMF also urged the People's Bank of China (PBoC) to establish a stable short-term interest rate – such as an overnight interbank repo rate – "as a precursor toward instituting a policy rate", saying