Rio Tinto CEO: 9% China GDP Growth Not Sustainable

8th Jul 2010 00:33

LONDON (Dow Jones)--China's economy is more likely to grow at an average rate of 6% annually than 9% annually, the chief executive of global diversified miner Rio Tinto PLC (RTP) said Thursday. "I think 9% is not a sustainable target" for Chinese economic growth, Tom Albanese said at the Melbourne Mining Club dinner here. He said that 6% annual growth is more manageable, particularly since the Chinese economy will be growing from a larger base. "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 08, 2010 19:33 ET (23:33 GMT)