The International Monetary Fund put out its fresh outlook for China's economy Monday morning in Beijing. It highlighted the country's reform progress but admitted key issues remained to be solved.

The Washington think tank said Beijing made advances in many fronts, including monetary and fiscal framework, urbanization, and overcapacity cut. But key areas need more efforts, such as to rein in rapid credit growth and speed up state owned enterprise reform.

Plus, it also urged more forceful actions in tackling corporate debt, guarding against financial crisis, setting up an effective floating foreign exchange system. For China, the IMF believes the near-term growth is stable, but medium-term and long-term risks are increasing. And more reform measures are needed to deal with the challenges.