Economic slowdown in China matters, but it was important not to overstate the decline, Rutledge Capital Chairman John Rutledge told CNBC on Wednesday.
“The fact is it’s growing slower than it was,” he said on “Fast Money.” “It’s not collapsing or crashing, but the rest of the world pretty much is. We’ve got big problems in Europe. The U.S. is growing, but slowly. So China’s the only story in town, but China’s not big enough to drive the entire world’s growth.”
But Chinese economic woes might hurt U.S. exports.
(Read More: China to Lead US Into Bear Market: Traders)
“Actually, exports from the U.S. to China are up something like 500 percent in the last decade, so it’s a big growth story,” he added. “But China is slowing from numbers like 10 percent a year to this year they’ll be more like 8.”
Trader disclosure: On Aug. 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is long MS JAN 10/5 PUT SPREADS; Dan Nathan is long INTC SEPT 25/23 PUT SPREADS; Dan Nathan is long CSCO SEPT 17 PUTS; Dan Nathan is long SBUX SEPT 47 PUTS; Dan Nathan is long MSFT OCT 30/28 PUT SPREAD; Dan Nathan is long YUM OCT 62.5/55 PUT SPREAD; Pete Najarian is long AAPL; Pete Najarian is long C; Pete Najarian is long JPM CALLS; Pete Najarian is long INTC; Pete Najarian is long YHOO; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long JOSB; Pete Najarian is long INTC; Pete Najarian is long MCP CALLS; Pete Najarian is long MCP; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long VALE; Stephanie Link is long EBAY; Stephanie Link is long COH; Stephanie Link is long NKE; Stephanie Link is long CVS; Josh Brown is long AAPL; Josh Brown is long WFC; Josh Brown is long GDX; Josh Brown is long XLU; Josh Brown is long XLF; Josh Brown is long WMT; Josh Brown is long TGT; Josh Brown is long CREE; Josh Brown is long ZNGA; Josh Brown is long MAKO.
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