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GE's Jeff Immelt: China growth fears are overdone

Opportunity to take cost out of oil: GE CEO
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Opportunity to take cost out of oil: GE CEO

While many investors and companies have shifted their outlooks and positions amid the recent growth fears surrounding China, General Electric CEO Jeff Immelt said Thursday that he believes those fears have been overdone.

"It used to be easy for everyone in China because it was a macro story. Everything in China grew; now it's a micro story," Immelt told CNBC's "."

"If you're in the aviation business like we are, things are booming. If you're in the electrification business, things are booming. If you're in the mining business, it's quite tough," Immelt added.

He also said he sees the underlying economic growth in China between 5 and 7 percent and he expects the company's China orders to be up in the high single digits. "It's probably slower than it was in the past, but it's not terrible by any means."

GE shares have fallen more than 6 percent in the last month, as Chinese equities have fallen in that time.

GE in the last month


Shanghai Composite in the last month

Immelt also shared his view on the U.S. economy, saying that, while it is improving, "you don't see anything that's inflationary."

He also said this presents a challenge for the Federal Reserve to raise interest rates as its Free Open Market Committee (FOMC) meeting approaches.

"I actually think that interest rates starting to go up is a good thing for us, ultimately, not a bad thing," he said.

U.S. equities have been jittery as the FOMC meeting nears, with U.S. stocks closing sharply lower on Wednesday after a strong open.

Alstom deal 'perfect fit'

Immelt also discussed the recent European Union approving the $13.9 billion acquisition of Alstom's power business.

"It's a perfect fit with our energy business. It helps us grow globally," Immelt said about the deal.

The EU approved the U.S. conglomerate's acquisition after it agreed to sell some of Alstom's turbine business to Ansaldo Energia, Alstom's Italian rival.

Both companies expect the deal to be finalized in the fourth quarter.

—Reuters contributed to this report.