China is expected to continue contributing nearly 30 percent of the global economy for the next five years.

In the coming years, the country may see slight sluggishness in the rate of growth as its economy reaches maturity stage. The Chinese economy is going through a transition phase, but will remain an influential factor to the global economy.

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Speaking at the China Reform Forum, Chi Fulin, director of the China Institute for Reform and Development, said the Chinese economy's transition is an important driver of growth for the world economy. He also noted that China is expected to keep making a major contribution to the global economy.

Fulin continued to stress that the global economy is going through a transition where it is looking to strike a new balance. This factor is likely to have an impact on the Chinese economy. Similarly, as the second largest economy in the world, China is also affecting the global economy.

Fulin said the China economy's contribution is expected to maintain 25 to 30 percent level.

China's economy seems to have reclaimed its strength as the country has posted strong growth numbers in recently.

The country is looking to control its credit expansion as well, while ensuring that it does not throttle its economic development. China reported 7.7 percent increase in its industrial sector profit for the month of September.

However, the economy still faces many challenges, including overcapacity in steel and coal sector and overheated real estate market.

Amid this condition, the country has taken many steps to restrict credit to inefficient enterprises in this sector, especially the state-run organizations. Similarly, the government has also taken steps to control credit in the real estate sector.

TagsChina Institute for Reform and Development, Chi Fulin, china