The Asian Development Bank president said Friday he is optimistic China's economy will post healthy growth of 6.7 percent this year despite jitters over the yuan's depreciation and a plunge in Chinese stocks.
ADB President Takehiko Nakao said 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.
China's slowdown is due to policies to pay more attention to the environment, an aging population, waning migration from rural areas to cities, higher wages and higher per capita income, currently $8,300, that make it more difficult to maintain the very rapid growth rates of the past, he said.
