Global financial organisation, the International Monetary Fund (IMF) has cut its growth forecast for the Chinese economy to around 7.75 per cent for the current year.

The IMF also said that the economy is expected to maintain the same pace of growth rate in 2014. The global body had earlier predicted a growth rate of 8 per cent for the world's second largest economy in 2013 in the previous month in its World Economic Outlook.

The IMF urged the Chinese leadership to make decisive reforms in the country to lift growth. In the previous year, the Chinese economy recorded a growth rate of 7.8 per cent, which is its slowest pace of growth in more than a decade. During the first quarter of the year, the economy grew at an annual growth rate of 7.7 per cent.

IMF first deputy managing director David Lipton said, "The Chinese economy is expected to grow at around 7.75% this year and at about the same pace next year. Chinese export growth has been, after years and years of very rapid growth, very slow because of the state of the global economy and we now are taking our projections of the global economy into effect."