Envoy plays down volatile Chinese shares
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.