Fed's Williams not too concerned over weak China data

Worried about China? At least two Federal Reserve officials are not.

San Francisco Fed President John Williams said Monday investors should not worry too much about the weak data coming from China.

"It's important, in thinking about the Chinese data, to realize that China is undergoing a pretty significant pivot in terms of slower growth … and also a pivot away from manufacturing and more towards consumer spending," Williams told CNBC's "Squawk Alley."

"To me, it is not as surprising than maybe to some commentators that we're seeing a weaker data in terms of manufacturing. This seems to be part of a process that's been going on in the last couple of years. We have been seeing pretty good data out of China on consumer spending in some of the other areas, so I'm not as concerned about that. I think this is an ongoing process that China is going through," Williams said.

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Another Fed official, Loretta Mester, had similar comments.

"We've built in a weakening path for China. I don't see that as a significant risk to the forecast" for the U.S. economy, the Cleveland Fed president told Bloomberg TV, according to Reuters. Mester, a voting member of the Federal Open Market Committee, also said that weak Chinese manufacturing data "started sort of a downturn of the Chinese stock market and then that spilled over to the U.S. stock markets. I am not that concerned about that in terms of the U.S. economy."

Williams made his remarks after weaker-than-expected manufacturing data out of China sent the country's equities plunging nearly 7 percent, dragging other equity markets lower. The Dow Jones industrial average was on pace for its worst opening day of the year since 1932.

At one point Monday, the blue chips index was down more than 450 points, while the S&P 500 and Nasdaq composite shed about 2 percent and 2.4 percent, respectively.

US economy 'in very good shape'

Williams also commented on the U.S. economy, saying he believes it is doing well.

"We're relative to most countries in very good shape, I think partly because we took very aggressive monetary policy actions and other actions to get our economy back on track," he said.

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He also said he expects U.S. GDP to grow about 2 percent this year. "I think we're on pace to enter this economy with still a very good job market and continued job gains. It may be a yawn in terms of one more year of 2-to-2.5 percent, but I think that's actually good."

The final third-quarter GDP reading — the latest data available — was revised up to 2 percent growth.