China's economic problems are not as bad as they appear in spite of the current market tailspin, the chief executive of German industrial giant Siemens told CNBC.
"The real economy in China is a lot better than people are talking about right now. There is obviously some weakness in terms of real estate and the finance sector but as far as our business is concerned, we do see some decent growth in healthcare, which was very, very strong with double-digit growth in China," Joe Kaeser, chief executive of Siemens, told CNBC on Tuesday.
Kaeser was speaking to CNBC after attending the World Economic Forum in Davos last week. While the meeting in the Swiss Alps had included a lot of "doom" about China, Kaeser said such pessimism was unfounded – particularly as Siemens' had seen a positive trend in the country.
Siemens had recovered "a lot" of market share in China and had seen good activity in the power generation and energy management field, Kaeser said, adding: "So we're actually pretty happy with what we're seeing in China relative to what their structural challenges are."