IMF welcomes slower growth as China rebalances economy

The slowdown in China's economy reflects a welcomed decision by the Chinese government to re-balance the world's second-largest economy, the chief economist of the International Monetary Fund (IMF) said on Tuesday.

Olivier Blanchard, the IMF's chief economist, made the remarks at a news conference after the fund released its world economic outlook.

Blanchard's comments followed data from China that showed the Chinese economy grew 7.3 percent in the fourth quarter, hovering near a six-year low not seen since the global financial crisis.