China's economic growth solid: Australian official

CANBERRA - Australia has recognized that China continues to grow solidly while making its transition to a more sustainable pattern of growth, said a press release by Finance Minister Mathias Cormann made available on Friday.

The release said Cormann, on behalf of the Australia-led constituency, has been providing a statement to the International Monetary Fund (IMF) Annual Meeting in Lima, Peru on Friday.

The statement recognized that the pursuit of strong fiscal and structural reforms remains essential to help all economies adapt through the current transition and to keep building growth momentum.

There are both opportunities and ongoing challenges in the global economy at present, the statement said.

"Our statement notes the IMF's assessment of a modest, but uneven, economic recovery, including lower commodity prices. However it also highlights the strong contributions to global economic growth from emerging and developing economies in the Indo- Pacific region."

"The foundations of a recovery remain in place in the United States and are beginning to take hold in Europe," it said.

The statement said the constituency statement recognizes opportunities for innovative industries to flourish, which will help create jobs and stimulate growth.

"We recognize the strong role of the IMF in supporting the needs of members, including its smallest and most vulnerable, many of which are in our constituency. "

The Australia-led constituency comprises Australia, Kiribati, Republic of Korea, Marshall Islands, Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Tuvalu, Uzbekistan and Vanuatu.

IMF policy and technical support to these members remains especially important in the context of recent natural disasters affecting a number of Pacific Island nations.

The statement also urged the full implementation of IMF Quota and Governance reforms, which should be ratified as a priority.