Michael Bloomberg upbeat about Chinese economy despite fluctuations

BEIJING - Weak economic figures, a plunging stock market and the depreciation of the yuan have raised concerns globally about China's economy, but Michael Bloomberg doesn't seem worried.

Bloomberg, founder of the world's leading financial information provider Bloomberg L.P. and former New York City mayor, has an unusual reason for his optimism: The many smiling faces in Chinese cities.

"One of the things I do when I'm in a city outside of New York is to see if the people walking down the streets are smiling.

"You see a lot of smiling faces here. Very few people are dour and look depressed. Most people here are happy, gung-ho. They have an enthusiasm," he told Xinhua during an interview last week.

China's economy is still growing. The progress and the length of time that it's been growing are amazing, and you're always going to have small fluctuations, he said.

Market rout, yuan depreciation

China's economy has slowed significantly in the past two years to what is officially called the "new normal." Annual growth rate has fallen from 10 percent to 7 percent.

Adding to that pressure is a stock market rout since June 12 and the depreciation of the yuan in mid-August.

On Tuesday, China's stock market continued its two-month slide. The key Shanghai index lost another 7.63 percent after an 8.49-percent plunge on Monday. It closed at 2,964.97, the lowest level since Dec. 15, 2014.

The Shanghai index has fallen by 42.74 percent from its peak at 5,178.19 points in the mid-June, triggering a ripple affect in the global market.