China’s slowing economy won’t result in a recession as demand for goods remains strong among the middle class, said Blackstone Group LP’s Steve Schwarzman.
"The consumer demand -- the middle class, for certain types of things -- is doing pretty well," Schwarzman, chief executive officer of New York-based Blackstone, said in a television interview Monday on "Bloomberg <GO>" with David Westin and Stephanie Ruhle. "There’s been this almost panic vis-a-vis China, whether it was ‘hard landing,’ whether it was recession. I don’t think that’s going to happen."
