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China's growth will decline further below 6%, Hormats says
[NEW YORK] China's economic growth will continue to decline, falling below projections for a 6 per cent expansion, Kissinger Associates Vice Chairman Robert Hormats said.
"They are in the middle of a major transition," Hormats, a former US under secretary of state for economic growth, said Wednesday in an interview on Bloomberg TV. "They are trying to make a transition from heavy dependence on exports and heavy dependence on capital investment" toward more consumption and services, he said.
"They are not moving rapidly enough," Hormats said, adding that China can avoid a "crash landing," but not slower growth.