The head of the International Monetary Fund (IMF), Kristalina Georgieva, on Sunday called on China to implement a comprehensive package of pro-market reforms to boost the sluggish economy.

“The transformation from high rate to high quality growth is the right way to grow the economy, and China is determined to do so,” IMF Managing Director Georgieva said at the China Development Forum in Beijing.

The Bulgarian economist warned that this transformation would not be easy, stressing that China could advance much faster than the status quo with a comprehensive package of pro-market reforms.

Georgieva urged China to strengthen the business environment and ensure equal opportunities between private and state-owned enterprises in accordance with long-standing demands of foreign business groups operating in China.

Premier Li Qiang said at Sunday’s forum that China will take effective steps to promote high-quality development for global economic reform.

China’s gross domestic product (GDP) growth rate has been declining for years. Beijing has set an annual target of around five percent starting this month. This is significantly lower than the growth rate required to move the country towards rapid prosperity.