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Time for scrutiny if China storm lasts: Italy FinMin

There's not much concern over China: Italy's finance minister

It could be time to investigate the structure of China's financial markets if volatility lasts beyond its current rollercoaster ride, Italy's Finance Minister told CNBC.

Speaking to CNBC on the sidelines of the European House-Ambrosetti Forum on Sunday, Italian Finance Minister Pier Carlo Padoan said he's otherwise calm about recent market moves triggered in part by fear of a Chinese slowdown following a raft of disappointing domestic economic data.

Italian Finance Minister Pier Carlo Padoan speaks to CNBC's Julia Chatterley on the sidelines of the European House-Ambrosetti Forum.

"There's not much concern, we all are aware...that as the economy shifts away from an investment-driven to a consumption-driven economy the overall growth rate goes down, but it goes down to a more sustainable, long-term growth rate, which is a little bit less than 7 percent," Padoan said.

"That would be a very healthy growth rate for China but also for the world economy."

China is headed for its slowest economic expansion in 25 years in 2015 and turmoil in the country's markets have sent global financial markets skittering.

Volatility would otherwise go away once this economic transition is complete, Padoan explained.

But if markets continue to founder, it may be time to take action.

"Then we would have to ask ourselves, are there underlying structural factors that need to be fixed in the financial system.

"But from that point of view, I think the Chinese authorities are very much in a cooperative and open mood."

As for how long is too long, Padoan said it would be clear when the time comes.

"I always define length after it's happened."