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BEIJING, Aug. 23 (Xinhua) -- Worries about China's economic slowdown is certainly overdone, as there are multiple factors responsible for the lingering slowdown in global economic development, according to the latest issue of British magazine Economist.
China's manufacturing sector is on track in August for its six-year worst month, and China's stocks plunged another 4 percent on Friday, the magazine said in an article, quoting an unidentified survey.
"There is good reason to be anxious about China, but the pessimism is almost certainly overdone," the article said, noting "European, Japanese and Australian stocks all fell."
In other areas, things are looking up, according to the article entitled "Why Chinese economic worries overdone".
In recent months, property prices have stabilized across the much of China and started to rebound in major cities, it said.
As growth is slowing, the structure of China's economy is also changing, said the article.
"The services sector supplanted manufacturing a couple of years ago as the biggest part of China's economy, and that trend has only accelerated this year," it said.
The alarm on Friday stemmed from an unexpected fall in the purchasing managers' index (PMI) for manufacturing sponsored by Chinese magazine Caixin, but Caixin's PMI for the services sector jumped to an 11-month high in July, it noted.
Wells Fargo emerging market portfolio manager Anthony Cragg said on Friday that it is unfair for global markets to blame China for the selloff.
"I think concern on solely China is bizarre ...as China's problem is actually the world's problem," Gragg told CNBC.
China presents opportunities, he added.
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