Oleg Deripaska, the Russian tycoon who is president of aluminum giant Rusal, is confident that China should remain stable in the medium term, despite recent market turmoil.
“I wouldn’t support this view that China will collapse tomorrow,” Deripaska told CNBC at the World Economic Forum in Dalian, China.
“There is no foundation for that. Maybe you can see it better from New York or London but not from China soil for sure.”
Over the summer, fears about Chinese economic growth slowing led to a dramatic increase in stock market volatility globally.
Deripaska warned that there might be some risks that the Chinese would “shake the debt market…for some political reason or for something else but for the moment we can’t see any problem in the future.”