by Liu Tong Jason Demers Jersey , Lin Hao

KUALA LUMPUR, July 24 (Xinhua) -- The International MonetaryFund (IMF) on Monday revised up China's growth forecast for 2017and 2018 to 6.7 percent and 6.4 percent respectively, with thebetter China prospects expected to drive global growth.

The updated World Economic Outlook (WEO) report, which came daysafter China posted a stronger-than-expected second quarterlyperformance, was a reflection of a solid first quarter underpinnedby previous policy easing and supply-side reforms Louis Domingue Jersey , includingefforts to reduce excess capacity in the industrial sector, the IMFsaid.

"China is quantitatively a big contributor to the overall worldgrowth picture. More generally, strong Chinese growth drivesparticularly Asian region but also throughout the world," saidMaurice Obstfeld, chief economist of the IMF in an interview withXinhua after the release of the updated report.

A CAUTIOUSLY OPTIMISTIC CHINA

The revision of 2017 followed an April upgrade by the IMF onChina's GDP growth forecast to 6.6 percent and 6.2 percent for 2017and 2018 respectively Alex Goligoski Jersey , 0.1 percentage point and 0.2 percentagepoint higher than its previous forecast.

China has set its full-year growth target for 2017 at "around6.5 percent." The 6.7-percent forecast will leave the world'ssecond-largest economy on a par with its growth level in 2016.

The fund also revised up China's economic forecast for 2018 by0.2 percentage point to 6.4 percent, citing expectations that Chinamay maintain high public investment and delay fiscal adjustment tomeet its target of doubling the 2010 real gross domestic product(GDP) by 2020.

But the IMF also warned against strong credit growth that maycome with rising downside risk to medium-term growth.

Obstfeld said the fund recognizes that China is going through avery important rebalancing process, which will inevitably entail aslowing path of growth.

He said China's recent moves to redress non-performing loans anda coordinated financial oversight overhaul are welcome.

"As I have said before -- what happens in China doesn't stay inChina -- the spillover to the global economy is very large ... Andit's very important for the world economy that China not just growsat a strong rate but that it grows in a stable fashion, dependablefashion without big fluctuation," said Obstfeld.

While highlighting China'a action in reforming and improving itsfinancial oversight such as the centralization of financialoversight Oliver Ekman-Larsson Jersey , Obstfeld also noted the necessity for China to pushforward structural reform on state-owned enterprises (SOEs),suggesting that China needs to put SOEs on firm budgetary basis andthink harder on the financial sector.

A FIRMING GLOBAL RECOVERY WITH SLOWER U.S.

On the global perspective, the IMF said the pickup in globalgrowth recovery remains on track, maintaining its previous forecastof global growth at 3.5 percent and 3.6 percent respectively for2017 and 2018.

However, it revised down the growth forecast of the UnitedStates from 2.3 percent to 2.1 percent in 2017 Derek Stepan Jersey , and from 2.5percent to 2.1 percent in 2018, primarily reflecting the assumptionthat fiscal policy will be less expansionary than previouslyanticipated.

Another country with lower growth forecast for 2017 is Britainwith its weaker-than-expected activity in the first quarter.

By contrast, projections of most developed economies in the eurozone, Japan and Canada were revised up due to positive activity inlate 2016 and early 2017, which helped maintain the 2 percentgrowth projection for advanced economies.

While the IMF posted a challenging outlook for growth in theMiddle East and North Africa Christian Dvorak Jersey , solid performance in the firstquarter of 2017 in China, India, Southeast Asia and Turkey led theIMF to forecast growth for emerging and developing economies at 4.6percent in 2017, up from 4.3 percent in 2016.

The growth forecast for advanced economies in 2018 is 1.9percent, 0.1 percentage point below the April 2017 WEO Max Domi Jersey , while foremerging and developing ones, the growth forecast remains at 4.8percent.

MEDIUM TERM RISKS

While short-term risks are broadly balanced, medium-term risksare still skewed to the downside, the IMF report said.

Rich market valuations and very low volatility in an environmentof high policy uncertainty raise the likelihood of a marketcorrection, which could dampen growth and confidence Anthony Duclair Jersey , Obstfeldnoted.

"There are some advanced economies where their corporate debtand public debt levels are high, and normalizing interest ratesmight put some strain on companies and sovereigns to repay thosedebts. These are things we are watching, they are not red alerts atthe moment but we have to beware of these risks," he explained.

He also said the monetary policy normalization in some advancedeconomies, notably the United States Tobias Rieder Jersey , could trigger afaster-than-anticipated tightening in global financial conditions,which may have a ripple effect on Asian economies.

On protectionism, Obstfeld said it was not a new problem assince the global financial crisis, various protectionism measureshave been taken.

"Protectionism is an increasing trend, we have seen the U.S.withdrawing from the TPP (Trans-Pacific Partnership)...we have towait and see the impacts Niklas Hjalmarsson Jersey ," he said. Enditem

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