Chancellor George Osborne is optimistic about the slowing Chinese economy
Chancellor George Osborne has said he isn't worried about China's slowing economy, which is undergoing a period of very challenging but necessary transformation.
Renewed fears over the health of the world's second biggest economy rippled through global financial markets this summer. "Black Monday" wiped nearly $300bn (£193bn) off the value of Chinese shares, while US, Europe, Japan and beyond crashed by $1.3 trillion.
Speaking to an to audience of Chinese technology executives, Osborne said that the country was going through a very challenging transformation, however this is necessary to ensure that the Chinese economy can continue to create good careers, jobs and higher living standards.
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"I think the message I would say to China is, carry on with the reform, carry on with the change you're making," he said.
Osborne is on a week-long trip to China where he'll meet with senior government ministers, as well as business leaders, to strengthen the UK-Chinese business relationship. He said that he believes the country's economy will still continue to drive global growth in the years to come.
"If you look at the broader picture in China, even if it's not growing at double digits the way that it once did it is still creating an economy at least the size of the United Kingdom in the next five years. So it's a massive source of global growth going forward."