The International Monetary Fund said on Friday that China should set an economic growth target of 6.5 percent to 7 percent for 2015. Chinese economists said the IMF's prediction sounds too "pessimistic" and most think a growth rate above 7 percent would be reasonable for next year.

Credit, shadow banking, local government finances and the real estate sector are the key and interlinked areas of rising risks facing the Chinese economy, Alfred Schipke, senior resident representative at the IMF, said at a news conference in Beijing on Friday.

"We recommend an upper bound of 7 percent, with a range of 6.5 to 7 percent. That will be a strong signal that you are moving ahead with your reforms and that these reforms will have some short-term adverse implications but that is necessary in order to create the fastest sustainable growth in the future," said Schipke.