Chinese economy is stable: central bank official

The Chinese economy is now running at a more stable pace, said a senior official from China's central bank.

"The overall economy now is more stable than in the past," Yi Gang, deputy director of the People's Bank of China, said on Thursday at a panel during the World Bank-International Monetary Fund (IMF) annual meetings.

According to the deputy director, the Chinese economy is growing at speeds ranging from 6.5 percent to 7 percent, with robust employment and easing disinflation pressure, as well as rising output and improving profits for the industrial sector.

Beginning last year, domestic consumption has accounted for around 70 percent of the GDP growth in China, said Yi, adding that the country will further employ monetary, fiscal and structural policies to shift its economic model towards more consumption.

China has already contributed about 25-30 percent to global economic growth during the past five years, the bank official added.

With China's expanding domestic consumption and climbing imports, the Asian country will continue to make a significant contribution to global economic development, Yi said.

The Chinese official was joined at the panel by IMF Managing Director Christine Lagarde, Bank of England Governor Mark Carney, and German Finance Minister Wolfgang Shauble.