Fortescue Metals Group Limited
(ASX:FMG) Chairman Andrew Forrest says China is growing at a faster rate than it ever has.
A slowdown from double-figure annual percentage rises to below eight per cent in the last year has prompted many economists to warn that the boom is over.
But Mr Forrest says 7.5 per cent growth in China in 2013 is larger than a higher percentage would have been in the past because the country's economy is bigger now.
He told media the volumetric growth is bigger than it's ever been.
Mr Forrest says he’s not worried about future iron ore demand, pointing to 700 cities in China and estimating half of them would need urban railway systems requiring steel and therefore imported Australian iron ore.
Fortescue Metals generated a net profit of $460.3 million in the first half of fiscal 2013.
