UK Chancellor Says Chinese Problems Should be Put in Perspective

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

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza