Britain will not "disengage" from emerging markets despite volatility in Asian stock markets over recent weeks and growth concerns over China, the country's top finance minister told CNBC.
Shares in Asia were hammered in August over mounting concerns about a sharp slowdown in Chinese growth, while the possibility of an interest rate hike by the U.S. Federal Reserve before the end of the year has roiled U.S. asset prices. At the same time, emerging market countries such as Brazil are in recession.
But U.K. Chancellor George Osborne remained bullish on the growth prospects for emerging markets, and China in particular, saying that Britain will continue to form ties with developing nations.
"If you take the long view here, China not only is a massive source of growth in the world economy it's going to be an increasing source of growth over the coming decades," Osborne told CNBC at the G20 Summit in Ankara, Turkey.
"It's absolutely essential Britain engages not just with China but with India, Indonesia…You know of course you're going to have periods when they're not growing as fast as they were. That's not a reason to disengage. I would argue quite the reverse. You know we need to be engaged in these emerging economies so their financial markets are deeper, they're better connected to the more advanced markets you see in the west."