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Osborne confident in Chinese economy
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BRITISH finance minister George Osborne yesterday restated his confidence in China’s economy and hailed a possible trading link between the Shanghai and London bourses despite recent financial market turmoil.
Speaking at the Shanghai Stock Exchange, Osborne said Britain and China would “stick together” regardless of challenges. The world economy still needs China whose economy has grown 20-fold since he first visited Shanghai as a backpacking student over 20 years ago, he added.
“Of course, there will be ups and downs in the road ahead, but by sticking together we can make this a golden era for the UK-China relationship for many years to come,” said Osborne, who is on a five-day tour of China.
Noting China’s gloomy economic indicators, wild financial market swings and unexpected yuan depreciation, Osborne said slower growth is inevitable as China seeks to switch from an investment-driven economy to one powered by consumption.
“It is clear that even as China undergoes this transformation, the vast size and potential of China’s economy means that they will continue to be a key driver of world growth for decades to come,” he said.
Osborne chose to speak at the Shanghai exchange, which he described as “the epicenter of the volatility in financial markets this summer,” to send an upbeat message to those who are nervous about China’s financial situation.
“Some would look at the recent volatility in China’s markets, and question whether we should maintain the market linkages we have created over the past five years,” he said.
“But I want to take opposite path, protecting the bridges between our financial systems, and building more over the next five years.”
A feasibility study to link the London and Shanghai exchanges was announced on Monday, and Osborne said this link would create more jobs, more investment and higher living standards in both countries.
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