China's state media says Soros has "groundless fears" about economy

China's state media says Soros has "groundless fears" about economy

BEIJING - Billionaire investor George Soros has "groundless fears" about the Chinese economy, China's state media said after he told Bloomberg TV last week he sees a hard landing for the country's economy contributing to global deflation.

Despite speculation about capital flight and deflation, in reality, China's foreign direct investment grew quickly, the consumer price index remains moderate and the central bank is maintaining prudent monetary policy, according to an editorial on Thursday in the People's Daily - the official mouthpiece of the Communist Party.

"As for the speculation that China's debt to GDP ratio is 300 per cent, that's just baseless speculation, unintelligible,"the editorial said.

The recent changes in the FX rate are within a reasonable range and fluctuations in China's stock market are not an indication of the real economy but rather show the market, regulatory environment and investors still need to mature.

China's economy is propelling global economic growth and is"tall, dark and handsome", the newspaper said in a separate editorial on the front-page of Thursday's People's Daily, using Chinese slang that describes "Mr. Perfect".

Soros was warned against betting on falls in the value of the Chinese yuan and Hong Kong dollar by Chinese official media on Tuesday.

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