Michael Bloomberg upbeat about Chinese economy despite fluctuations

Weak economic figures, a plunging stock market and the depreciating Chinese yuan have raised serious concerns among investors and analysts about China's economy, but Michael Bloomberg doesn't seem worried.

"If you take a little longer perspective, China's economy is still growing. The progress and the length of time that it's been growing are amazing, and you're always going to have small fluctuations," Bloomberg, founder of Bloomberg L.P. and former New York City mayor, told Xinhua in a recent interview.

He said there is still enormous potential for China's economy, which has many resources and educated workers.

A prolonged stock market rout since mid-June has erased previous gains, with the market going through a deleveraging process and investors worrying about the health of the country's economy. Endi