UK's Osborne: China volatility won't shock Europe, focus on growth

STOCKHOLM: British finance minister George Osborne said on Monday he did not expect the slump in Chinese share prices, which has hit financial markets around the world, to pose a threat to Europe's economy.

"I am reasonably confident, although I don't think that we can be unaffected by what happens in China, I don't think it's going to cause immediate sharp problems in Europe," Osborne said in response to a question from a reporter during a visit to Sweden.

While the volatility in China's market was "a cause of real concern," the main issue was the underlying growth of the country's economy and officials in Beijing were focused on reforms to ensure consumption-led growth, he said.