Yu Yong, a former advisor to the People's Bank of China offered conciliatory remarks on the indebted Chinese real-estate giant, Evergrande Group.

Key quotes

“China has very strong macro adjustment capabilities.”

“The problems such as Evergrande are controllable.”

Earlier on, Oxford Economics warned of “a more severe downturn in China's housing market”, which would slow China's growth markedly and have a major impact on global growth.

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