This file photo taken on February 10, 2015 shows Wang Jianlin, chairman of Wanda Group, speaking at a ceremony in Beijing. China's richest man lost 3.6 billion USD in a single day after global stock markets tanked and Chinese markets erased all their gains for the year. Wang Jianlin, chairman and founder of property and entertainment company Dalian Wanda, lost more than 10 percent of his total wealth on August 24, 2015, according to the Bloomberg Billionaires Index, which tracks the world's richest people. AFP PHOTO
BEIJING: China's richest man said on Thursday the government needs to give up any "fantasy" of maintaining high economic growth rates, unusually bold comments at a time when Beijing is grappling to contain a market meltdown that has hammered global equities.
Billionaire Wang Jianlin, speaking after his company Dalian Wanda Group said it had bought World Triathlon Corp (WTC) for $650 million, added that the key was whether economic growth is "sustainable and safe".
"China's economy needs to transform from relying on investment and exports to consumption. That's a painful process.
If the transformation doesn't happen now, it would be even more painful in the future," Wang said.
"China needs to drop the fantasy of keeping a high growth rate of 7 or 8 percent and just accept 6, 7 or even 5 percent," Wang said.
Fears that a deepening slowdown in China could hurt the global economy have rocked global commodities and stock markets.
China's economy is officially expected to expand around 7 percent this year, the lowest in over two decades, but many observers believe it is growing at a much slower pace.
Analysts have long harboured doubts on the credibility of China's GDP figures, if only because they can be produced just two weeks after the end of a quarter.
At an earnings conference in Hong Kong on Thursday, an executive at Wang's Dalian Wanda Commercial Properties Co said the company planned to submit an application for a listing in Shanghai by early September.
Wang told reporters in Beijing that the recent market meltdown does not influence Wanda's operations and he believed the company will surpass its targets for 2015.
"What it influences is our psychology, our wealth effect, our wealth figures, or the price of shares held by me and other senior executives. That's a psychological effect," Wang said. - Reuters
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