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Saturday, October 10, 2015, 16:19

World finance leaders upbeat on China


World finance leaders upbeat on China

LIMA - Global finance leaders believe China will weather its slowing growth and manage a successful transition from an export to a consumer economy despite a huge buildup of internal debt in the world's second largest economy.

The International Monetary Fund believes the Chinese economy will grow 6.8 percent this year and 6.3 percent in 2016, slower than recent levels but still enough to keep driving global economic growth when other positives have largely disappeared.

France's Finance Minister Michel Sapin is among the optimists, along with Britain's George Osborne and IMF chief Christine Lagarde.

China's Deputy Central Bank Governor Yi Gang was keen to reassure his peers at this week's IMF meetings in Lima, saying a recent devaluation was a one-off and that China's economy was stable.

"We are satisfied by the measures currently being implemented by the Chinese government to limit the risk of contagion caused by the economic downturn in the short run," Sapin said at the IMF meeting in Lima on Friday.

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