Australian treasurer likens China’s economy to Usian Bolt

Australian treasurer Wayne Swan is likely to compare the Chinese economy to Jamaican Olympic gold medalist sprinter Usain Bolt in a speech on the outlook for the global economy.

Swan remains optimistic about China, which is Australia's largest trading partner, after recently visiting and meeting the country's leadership.

"When it comes to China''s growth rate, we really just need to keep things in perspective," he will say.

"It's like Usain Bolt easing off a bit at the end of the 100 metres because he''s 10 metres in front and has already smashed the world record," he will add.

He noted that a slowdown in its growth rate reflects a deliberate move to a more sustainable pace, as well as weakness in Europe affecting Chinese exports.

According to news.com.au, he will tell the Financial Services Council and AMP conference in Sydney that Chinese policymakers have got 'substantial policy flexibility'.

On Europe, he will say that there's no doubt that there is an 'emotional commitment' at the heart of the euro, the report said.

According to the report, global markets are nervously watching the positioning of hard-line elements of the Republican Party for signs that they will block reasonable attempts at compromise.

"Let''s be blunt and acknowledge the biggest threats to the world's biggest economy are the cranks and crazies that have taken over the Republican Party," he will say.

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