CORRECT(7/8):Rio Tinto CEO: 9% China GDP Growth Not Sustainable

9th Jul 2010 12:42

("Rio Tinto CEO: 9% China GDP Growth Not Sustainable," published at 2333 GMT July 8, misstated the context in which Tom Albanese was speaking in the second paragraph. The correct version follows:) LONDON (Dow Jones)--Chinese economic growth of 9% isn't sustainable, the chief executive of global diversified miner Rio Tinto PLC (RTP) said Thursday. In response to a specific question on how his view of China would change in a hypothetical 6% growth environment, Tom Albanese said "I think 9% is not a sustainable target." Albanese was speaking at the Melbourne Mining Club dinner here. He said 6% annual growth is more manageable over the longer term, but he noted that if China were to grow at 6%, this would still be 6% of a much larger pie than a few years ago. "It's a law of large numbers," he added. The International Monetary Fund expects China's gross domestic product will grow by 10.5% this year and 9.6% next year. Albanese said he expects there to be a continued shift of wealth and economic power from west to east. -By Alex MacDonald, Dow Jones Newswires; +44 (0)207 842 9328; [email protected] (END) Dow Jones Newswires July 09, 2010 07:42 ET (11:42 GMT)