China’s slowing growth could have spillover to US, still upbeat overall: Yellen

US TREASURY Secretary Janet Yellen on Monday said China’s slowing growth, Russia’s war in Ukraine and climate change-related disasters could pose risks to economic developments globally, but she felt upbeat overall about the US economy.

Yellen did not comment directly on news that China’s largest private real estate developer Country Garden is seeking to delay payment on a private onshore bond, sparking concerns about contagion.

She said China’s slowdown could have spillover effects on the United States, but would have the biggest impact on its Asian neighbours.

“That said, I feel very good about US prospects overall,” adding there remained a risk of recession in the United States, but she remained convinced US growth remained healthy and the job market was very strong. REUTERS