EUROZONE-ECONOMY/CHINA French economy minister says must not underestimate China risks

Record ID: 142703

  • Title: EUROZONE-ECONOMY/CHINA French economy minister says must not underestimate China risks
  • Date: 25th August 2015
  • Summary: BERLIN, GERMANY (AUGUST 25, 2015) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF GERMAN FOREIGN MINISTER FRANK-WALTER STEINMEIER AND FRENCH ECONOMY MINISTER EMMANUEL MACRON ENTERING CAMERAMEN FILMING STEINMEIER AND MACRON SITTING DOWN AUDIENCE STEINMEIER WALKING TO PODIUM AUDIENCE (SOUNDBITE) (German) GERMAN FOREIGN MINISTER, FRANK-WALTER STEINMEIER, SAYING: "This feeling of loss of order, seems to me not so unfamiliar to the economy. Today only the development of a simple app can for example put into question an entire business model and long-term investment literally overnight. Also in the economy, it seems like long, established assurances, processes and rules can snag. Even in China the eruption of the stock market are shaking the self-confidence of of seemingly unlimited growth." AUDIENCE STEINMEIER AND AUDIENCE AUDIENCE MACRON WALKING TO PODIUM PHOTOGRAPHERS TAKING PICTURES (SOUNDBITE) (English) FRENCH ECONOMY MINISTER, EMMANUEL MACRON, SAYING: "We should not underestimate the risk. China is a country that contributed much to global growth in the past 10 years. It's development has been based on a compromise between society and the ruling party. Economic success and political stability, if the former is changed the latter is at risk." STEINMEIER AND MACRON WALKING BACK TO SEAT STEINMEIER AND MACRON TAKING PHOTOS AFTER PRESS CONFERENCE
  • Embargoed: 9th September 2015 13:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: General
  • Reuters ID: LVAB6Q0STDCGH0D4TWIQQZ6P0R7V
  • Aspect Ratio: 16:9
  • Story Text: French Economy Minister Emmanuel Macron warned of the negative affect that China's slowing economy could have on the global economy on Tuesday (August 25). At a press conference in Berlin, he told reporters that the country is in a transition phase.
    "We should not underestimate the risk," said Macron. "China is a country that contributed much to global growth in the past 10 years. Its development has been based on a compromise between society and the ruling party. Economic success and political stability, if the former is changed the latter is at risk."
    German Foreign Minister Frank-Walter Steinmeier also echoed a cautious approach to uncertainty.
    "This feeling of loss of order, seems to me not so unfamiliar to the economy," he said. "Today only the development of a simple app can for example put into question an entire business model and long-term investment literally overnight. Also in the economy, it seems like long, established assurances, processes and rules can snag. Even in China the eruption of the stock market are shaking the self-confidence of of seemingly unlimited growth."
    Macron also encouraged the U.S. Federal Reserve to delay a rise in interest rates from September until December at the earliest. He said he expected the economic problems in China to push up the value of the euro, calling it a "bit of a handicap" for Europe.
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