George Osborne has urged Chinese leaders to press on with economic reforms as he played down fears that China’s recent stock market turmoil and economic slowdown will endanger the global economy.
Last month’s stock market meltdown and disappointing economic data from China have fuelled concerns that the world’s second largest economy is slowing faster than its government is letting on.
However, speaking on Sunday the chancellor insisted that even with its economy slowing, China would continue to be “a massive source of growth going forward”.
“China is undergoing a very important economic transformation – a transformation that its government wants to see [and] that its people want to see – from that investment-led economy of the past to a consumption-led economy of the future. And of course when that happens you are going to find that challenging. It is a big change,” Osborne said.
Via The Guardian