Solid conditions provide time and resources to deal with structural reforms, shadow banking

The International Monetary Fund forecast China's GDP will grow 7.5 percent this year and 7.3 in 2015, and the multilateral organization said it's time for the nation to focus on quality of growth.

"It's important to rein in credit growth as well as shadow banking while China's growth rate still remains well above 7 percent," said Chang-yong Rhee, Asia and Pacific department director. "We think this slowdown leads to a more sustainable path."