China's economy is on track to recovery and the growth rate is expected to be about 5 percent this year, central bank governor Yi Gang said at a speech while attending the World Bank and International Monetary Fund (IMF) spring meetings in Washington.

The forecast is in line with the Chinese government's annual target. In his remark, Yi said that China's inflation remains low and the property market has shown positive changes.

The G20 finance ministers and central bank governors who attended the meeting generally agreed that the global economy is under considerable pressure with compounded risks of high inflation, tightening monetary policy, and geopolitical tensions, according to a statement by the People's Bank of China on Friday.

The recent banking sector turmoil in advanced economies was also brought up at the meeting where policy coordination to maintain financial stability was a focus.

Officials attending the meeting supported the strengthening of the global financial safety net, reiterating the push forward with IMF's 16th General Review of Quotas.

Quotas are the main source of funding for the IMF, and the financial agency in turn lends to countries in times of crisis. The 16th General Review of Quotas will revisit the adequacy of quotas and is set to be completed no later than December 15 this year.

Officials also called on more countries to participate in helping vulnerable economies to recover by joining the IMF's special drawing rights and debt resolution framework.

Yi emphasized that IMF member countries should take concrete actions to ensure the smooth completion of the 16th General Review of Quotas as scheduled, adding that China is willing to work with all members to implement a common framework for debt resolution.