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Top Economist George Magnus: My China concerns
As China sets its official growth target at 7.5 percent, same as last year, economist George Magnus tells a conference in London that “China is going through a difficult transition period” and warns that if the credit aggregate grows more quickly, "you should worry.”
Also present at the event was Michael Petley, Head of Macro at ECU. He warns that “investors need to manage their expectations better".
He told Saxo TV: "We cannot expect double digit growth without ramifications. China’s shadow banking is out of control, trade finance is out of control.”
Chinese Premier Li Kequiang spoke on Wednesday at the annual meeting of parliament, the National people’s Congress. He also said that China will keep the consumer inflation target at 3.5 percent.
The government also announced it plans for a 15.3 trillion yuan budget in 2014.
02:02 minutes
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