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“It’s not the first time I have heard bad news for China – it was the same in 2004, 2005 and 2006, many times,” he said during his keynote address at the Melbourne Mining Club lunch on Thursday April 3. “Most of these people with crystal balls were not so right,” he added.
Sceptics don’t believe that China has $4 trillion in reserves and a high savings rate of 48%.
But Ferriera said the “financial markets are in the hands of the government, with 80%”, but he acknowledged that the remaining 20% of financing is in the “shadow bank”, he added.
“I strongly believe in the president, Xi Jinping – he is doing the right [thing],” Ferreira said.
“Frankly speaking, I am much more concerned with the debt in USA of $17.5 trillion,” he said. “I am from [the] old generation that [believes] these kinds of numbers should be addressed very seriously,” he added.