British Chancellor of the Exchequer George Osborne has expressed that he is confident that the showing Chinese economy is just a necessary transformation. He said that they are still driving global growth.
As he said at the beginning of his five day trip to China,
“China is going through a very necessary and challenging transformation which is essential so that China’s economy can go on creating good careers and good jobs and higher living standards for your 1.3 billion people.”
“I think the message I would say to China is, carry on with the reform, carry on with the change you’re making.”
He explained that he was visiting the Shanghai stock exchange on Tuesday. As he said, “Of course there have been ups and downs. We’ve seen that through the summer. In our estimation the spillover effects, the impact of that on other financial markets, has been relatively limited.”
He continued,
“And if you look at the broader picture in China, even if it’s not growing at double digits the way that it once did it is still creating an economy at least the size of the United Kingdom in the next five years. So it’s a massive source of global growth going forward.”