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Blackstone CEO Steve Schwarzman Doesn't See China `Hard Landing'

  • Demand of middle-class consumers is `doing pretty well'
  • Commodity supercycle is `over' as China's growth slows
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How China Slowdown Is Dramatically Impacting the World

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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."