Confidence in Chinese economy
Print Edition
THE economies of China and Asia as a whole are unlikely to slow sharply this year despite the Chinese stock turmoil that has rocked global financial markets, the Asian Development Bank’s president said yesterday.
Sharp selloffs in Chinese stock markets this week renewed fears about the fate of the world’s second-largest economy and the knock-on effects across the globe.
“I don’t have a very pessimistic view about China,” Takehiko Nakao told reporters in Manila. He said the bank was maintaining its 6.7 percent economic growth forecast this year for China.
This would be only slightly lower than its 6.9 percent growth projection for the country in 2015.
Developing Asia, which has been highly dependent on China, should grow 6 percent, or up from 5.8 percent forecast for 2015, Nakao said.
China was successfully undertaking important reforms, he said, such as making its economy less reliant on investment and more on domestic consumer demand.
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