"For China, the main risk is failure to implement the reform agenda to address financial risks, rebalance the economy and tap new sources of growth," the report said.

The IMF warned the distribution of risks to global growth is now more balanced relative to the end of last year, but still tilted to the downside.

Geopolitical tensions could intensify, disruptive asset price shifts in financial markets remain a concern. A stronger dollar could trigger financial tensions elsewhere, and the risks of stagnation and low inflation in advanced economies are still present, it said.

IMF Managing Director Christine Lagarde said last week that the global growth was just not good enough to offset the lingering impact of the Great Recession, calling on countries to take measures to prevent the mediocre growth from becoming "new reality. "

WEO is the flagship report of the IMF. It is released prior to the Spring Meetings of the IMF and the World Bank, which is scheduled to be held during April 17-19 in Washington DC, gathering central bank governors, finance ministers and scholars to discuss key global economic issues and policy action.