英语文摘：IMF hails China's policy response in financial crisis

The IMF believed that the main policy challenge Chinese authorities face now is "to calibrate the pace and sequencing of exit from the fiscal stimulus and credit expansion, while making further progress in reorienting the economy toward private consumption."

"With the recovery becoming increasingly well established, the government has begun to unwind some of its crisis response measures," said the report.

Credit growth has been slowed, reserve requirements modestly increased, and prudential requirements related to property lending were tightened, it added.

The report considered it appropriate that China maintains fiscal support for a steady resumption of private demand, while suggested a gradual phase out of the fiscal stimulus in 2011, provided the current trajectory for the economy is maintained.

China has listed the transformation of economic growth pattern high on its economic agenda. It vowed to create a more consumption-oriented economy, rather than one fueled by large scale investment and exports.

The IMF also appreciated the recent decision by China's central bank to return to the managed floating exchange rate regime, and commended the government for "its pragmatic deployment of a range of countervailing prudential measures to contain property price inflation."

Stimulus policies, while helping spur the economy, also triggered problems, including a lending boom and a surge in property prices.

In April, the government imposed a raft of measures to rein in soaring house prices and curb property market speculation, including tightening scrutiny of developers' financing, the limiting of loans for third-home purchases and higher down-payments for second-home buying.