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Blackstone's James: China fears overblown

Blackstone President and Chief Operating Officer Tony James said Wednesday that fears about an economic slowdown in China are overblown.

"I think people are way too worried about China. There's not going to be any hard landing or anything in China," he told CNBC's "Squawk Box."

China's National Bureau of Statistics reported on Monday that the country's economy grew by 6.9 percent in the third quarter, falling below a pace of 7 percent for the first time since the financial crisis in 2009.

But James said precise numbers in China are "not really meaningful," and the sluggishness has as much to do with a long-delayed but necessary shift in the economy toward consumer-led growth as anything else.

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"It's more directional, and we think China is certainly slowing, but it's going to be fine. It's going to chug along," he said.

While industrial and infrastructure spaces are slowing in the world's second-largest economy, the consumer sector is doing well, James added. He said Blackstone sees evidence of strength in its investments in China's malls and consumer products companies.

Blackstone had $334 billion in total assets under management as of Sept. 30, according to the company's website.