Since all these choices will have an influence on the level of the estimated natural real rate, different variants of this approach can result in quite different point estimates of the NRI. The NRIs resulting from such moving average estimations typically constitute a fairly smooth time series.
China, according to the IMF, is the most “central” trading power in the world, based on its extensive trade links with other economies that are themselves tightly interwoven. It is the largest trading partner for 78 countries. This makes the IMF to classify China as a member of the so-called S5, or Systemic Five, a group of economies subject to extra IMF attention.