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
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.