The head of the International Monetary Fund (IMF) has said that slower, more sustainable economic growth in China will be good for the global economy over the long term. 

IMF managing director Christine Lagarde said on Tuesday that China's new economic development program -- which seeks slower but more stable economic expansion for the world's most populous nation -- will yield benefits for the world's economy in the long term.

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"This is a positive endeavor that, in the long run, will benefit everybody," Lagarde said.  "In the short run, however, this transformation generates spillover effects through trade and lower demand for commodities, and through financial channels, as well."

The IMF chief made the statement in Paris at a farewell event for Christian Noyer, the recently retired governor of the Bank of France and chairman of the Bank for International Settlements.

Lagarde, however, expressed concern for the slowdown in the convergence between developed and developing nations. 

"The world cannot afford the cost of stalled convergence, because 85 percent [of countries that are 'emerging' or 'developing'] matter," Lagarde is quoted by CNBC as saying.

The once startlingly rapid growth of China's economy has slowed over the past five years.  China's economy grew by some 6.8 percent last year, according to the IMF.  This year, the monetary body expects the country's economy to increase by around 6.3 percent. 

Lagarde had  earlier told Chinese state media that China is undergoing a legitimate transition from high levels of growth to slower, more stable economic progress, which is inevitable as the economy matures.

"China is going through a crucial and legitimate transition period," the IMF boss told Xinhua in an interview over the weekend.    

Asked whether China's recent economic stagnation should worry Africa, which relies on Chinese commercial partners for the bulk of its trade, Lagarde said the nations of Africa have no cause for anxiety.

"China will remain the second largest economy in the world after the US," said Lagarde. "Its economy will continue to grow next year, meaning that it will continue buying raw materials."

The IMF director welcomed the recent announcement that China will extend some $60 billion in development assistance to the African continent over the next three years.  

"That one of the two largest economies of the world wants to work with the entire international community to create new partnerships and go beyond its natural geographic zone is something that is welcome," Lagarde said.

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