Chinese govt capable of keeping economy afloat: UAE business leader (China Daily)

DUBAI – The Chinese government is capable of tackling the current challenges of the country’s economy, said Sultan Ahmed bin Sulayem, a port mogul in the United Arab Emirates (UAE), on Thursday.

China is a big country and the Chinese government has shown that the country has the capacities to deal with economic challenges, he told a news conference for the release of his company’s half-year results.

Bin Sulayem, chairman of the world’s third-biggest port operator, Dubai Ports World, said, “We haven’t seen drastic changes in our operations in China.”

“Ups and downs are normal in the international port business. China is a big country and its economy is well diversified,” said bin Sulayem.

The Chinese government has set the economic growth target at 7 percent for this year while the International Monetary Fund has predicted 6.8 percent for the world’s second-largest economy.

Dubai Ports World operates 65 commercial ports over the world. In China, it runs operations at Qingdao and Hong Kong while developing new operations in Tianjin and Yantai. In 2014, China replaced India as the biggest trade partner of Dubai, the main trade and logistics hub of the UAE.

According to bin Sulayem, recent currency devaluations in China and in other emerging markets had a minimal impact on his business and Africa and the countries along the New Silk Road would remain important drivers of global growth in the second half of 2015 and beyond.

Dubai Ports World’s earnings in the first half of 2015 were up 22 percent compared with the corresponding period last year.