MANILA, Philippines – The Asian Development Bank president is optimistic China's economy will post a healthy 6.7 percent growth this year despite jitters over the yuan's depreciation and a plunge in Chinese stocks.
ADB President Takehiko Nakao says Friday that China's growth "is still very high" compared with other countries. The development bank estimates the Chinese economy grew 6.9 percent last year.
He says China's slowdown is due to policies to pay more attention to the environment, an aging population, higher wages and a higher per capita income of $8,300 that makes it more difficult to maintain the very rapid growth rates of the past.
Nakao says he does not see a serious adjustment in the Chinese economy because there is much room to expand services and fiscal reforms are being undertaken.