China’s economy may not be growing anywhere near the headline numbers of 7 percent, International Paper’s CEO John Faraci told CNBC’s "Closing Bell."
“I think China is growing at something far less than 7 percent,” Faraci said. “They’ve slowed down. It feels to us like 2 or 3 percent.”
Half of the paper packaging company’s China customers are exporters while the other half are companies that sell domestically, the executive noted.
“If you look at things like electricity power consumption it’s flat, that should tell you something about the level of economic activity,” he said.