International Monetary Fund (IMF) First Deputy Managing Director David Lipton said on Tuesday that China should accelerate the implementation of reforms.

"The near-term growth outlook has turned more buoyant due to recent policy support. The medium-term outlook, however, is more uncertain due to rapidly rising credit, structural excess capacity, and the increasingly large, opaque, and interconnected financial sector," he said.

"Addressing these vulnerabilities and ensuring the transition to more robust, sustainable, medium-term growth requires decisively implementing a pro-active and comprehensive policy package in a number of areas," Lipton added.

He pointed out that corporate debt in China was rising.