Li also told Lagarde that China hopes to see the IMF pursue and implement voting reforms.

Reform of voting shares hasn't made much progress because the US, which holds the controlling share of IMF votes, failed to agree on funding measures needed for the reforms to move forward.

China in January called on IMF members to stick to a commitment to give emerging markets more power.

China needs reforms for inclusive growth: Lagarde

China to start new economic journey: Lagarde

Speaking at Tsinghua University in Beijing on Sunday, Lagarde said that she couldn't do much about reform without US agreement, although she did hope to give emerging economies a greater say.

The US Congress must sign off on the IMF funding to complete 2010 reforms that would make China the IMF's third-largest member and revamp the IMF board to reduce the dominance of Western Europe.

Speaking at Monday's China Development Forum, a top annual economic gathering, Lagarde said China needs to undertake reforms to make its growth "more inclusive, friendlier to the environment and more sustainable.

"China is again at a crossroads. While headline growth numbers remain impressive, this disguises some serious obstacles that need to be overcome," she said.

She said the next round of reforms must be aimed at increasing the role of the modern services sector. China has taken steps to modernize its financial sector, but there is still some way to go to establish the modern, robust and globally integrated financial system that is essential to support China's next transformation.

The IMF chief said a gradual opening up of the capital account would facilitate the creation of a modern, globally integrated financial sector "while helping to diversify domestic savings and make the economy more resilient to shocks".

It could also strengthen the role of the renminbi as a global currency, she noted.

Further, she said that reducing inequality and protecting the environment would improve the quality of growth, while also making that growth more sustainable.

Li also met leaders from multinational corporations and international organizations. The visiting group offered Li a number of papers containing suggestions on China's development.

"I can't guarantee I will read every word of these papers... but I will go through the key points," he said.

"I will also distribute these papers to related departments and agencies because they crystallize your wisdom and input."

 

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