Western Media Distort China's Economic Situation – Japan Bank Director

China’s economy is doing much better, than Western media try to pretend, Senior Managing Director of the Japan Bank for International Cooperation (JBIC) said at the Eastern Economic Forum.

VLADIVOSTOK (Sputnik) – The economic situation in China is not as dire as Western media portray, Senior Managing Director of the Japan Bank for International Cooperation (JBIC) said at the Eastern Economic Forum (EEF).

"Western media draw a gloomy picture of [the] Chinese economy. China’s economy is actually doing good [in comparison with the economies of Europe]," Tadashi Maeda said on Thursday, at an EEF conference in the Russian city of Vladivostok.

The JBIC senior managing director expressed skepticism about US statistics on China, adding that judging from the unemployment rate and inflation, China is doing well.

Stocks in China have experienced a large-scale sell-off and volatility since early July. Last week, the Chinese stock market continued to tumble, shedding more than 15 percent and hitting its lowest level since December 2014.

Last month, the People's Bank of China allowed the yuan to fall 1.9 percent against the US dollar to boost the country's economy.

Caixin Insight Group, a financial data and analysis platform, said in August that China’s economy could start to rebound within the next few months.

Despite unfavorable trends in the global economy, Russia and China have managed to sustain their bilateral trade volumes.

Russia is holding the Eastern Economic Forum (EEF) in the city of Vladivostok on September 3−5, bringing together representatives of government agencies from Russia and Asia-Pacific countries, major investors, business people and industry experts.

The event marks the first time since the introduction of Western sanctions that Russia has decided to hold a forum in the Far East.