After growing by 10.3 percent in 2010, China's economic growth is expected to remain robust at 9.6 percent this year, with the drivers of growth shifting from public to private demand, said the International Monetary Fund (IMF), in its latest World Economic Outlook.

"Consumption will be buttressed by rapid credit growth, supportive labor market conditions, and continued policy efforts to raise household disposable income," said the IMF.

Meanwhile, continued reforms to raise consumption in the country, including efforts to expand pension and health care coverage and to develop the financial sector, will also be key ingredients of a comprehensive rebalancing package.

"The strong growth in China will continue to help the rest of Asia tide over the economic downturn," said IMF economist Abdul Abiad.

There is still concern in China that management of credit aggregates, used to exercise macroeconomic control, is being undermined by bank's financial innovations and off-balance-sheet activities.

Globally, the economic recovery is becoming stronger but new downside risks are building on account of commodity prices, notably for oil, and geopolitical uncertainty, as well as overheating and booming asset markets in emerging market economies, said the IMF.

"Another main worry in advanced economies, after an initial recovery driven by inventory cycle and fiscal stimulus, was growth would fizzle," said IMF chief economist Olivier Blanchard.

"Inflation may well be higher for some time but, as our forecasts suggest, we do not expect a major adverse effect on growth," he added.