The IMF slightly upgraded China's growth forecast to 6.5% this year, but did warn that we could see some negative spillover effects as a result of a slowdown in China. For more about China and the impact of slower growth in the country, CCTV spoke to the World Bank's Country Director for China, Bert Hofman. We asked Mr. Hofman his views on the prospects for the Chinese economy and what the biggest challenges facing China this year are.

"China's ambition for the next five years, the five-year plan, the thirteen-five year plan, is to have minimum 6.5% growth. The significant of that is the 6.5% for the next five years that would double China's economy from 2010 to 2020. The government will try very hard to achieve the minimum 6.5%. We believe that is within range but out of reaches, a lot of reforms need to happen. So on a sustainable basis, China can grow that rapidly. In the long run, beyond 2020, China will slow down further. Every country has closer to be a rich country. For China there is external challenges but there is also domestic challenges. The external environment is not working that well. The global economy is very moderate, as a matter of fact, we anticipate back in January, to have global growth around 3% for this year. Now look at this number, that will be a little bit lower. China export a lot of goods to a lot of countries. But domestically, China is bigger and in the middle of transformation to more domestically-oriented economy, moving away from manufacture to service ,ore productivity-driven growth. That's a difficult transition that we've already seen," Hofman said.