The Courier-Mail

En­voy plays down volatile Chi­nese shares

- GLEN NOR­RIS

CHINA’S econ­omy re­mains on solid ground de­spite the plunge in the coun­try’s stock mar­ket in re­cent months and con­cerns about slow­ing growth, Chi­nese Am­bas­sador to Aus­tralia Ma Zhaoxu told the Aus­tralia-China Busi­ness Coun­cil in Bris­bane yesterday.

“There have been some short-term fluc­tu­a­tions in the stock mar­ket but this has not changed the fun­da­men­tals of the Chi­nese econ­omy,” he said.

Mr Ma said China’s eco­nomic growth was still one of the high­est in the world, with growth in per­sonal in­come con­tin­u­ing to climb.

China’s GDP grew an an­nual 7 per cent in the first quar­ter this year, slow­ing from 7.3 per cent in the fourth quar­ter of 2014.

“The qual­ity of the Chi­nese econ­omy is im­prov­ing,” Mr Ma (pic­tured) said. “Ser­vices now equal 48 per cent of the econ­omy, ex­ceed­ing the man­u­fac­tur­ing sec­tor.”

He said con­sumer spend­ing now made up 60 per cent of the econ­omy, mean­ing liv­ing stan­dards were im­prov­ing.

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