BERLIN, July 28 (Reuters) - Turbulence on China's stock market will have only a limited effect on its overall economy and there is no reason to cut German growth forecasts due to recent falls, Volker Wieland, a member of Germany's panel of economic advisers said.

"As shares in China play only a relatively small role in the financing of economic activity, the effects on the economy as a whole should remain moderate," Wieland told Reuters.

"We have to look carefully at the risks for the German economy from China. But I see no reason at the moment to revise down our foreacasts for Europe and Germany for 2015."

In March, the panel predicted growth of 1.8 percent for Germany, Europe's biggest economy. Private consumption, combined with high employment and wage rises, was driving growth, Wieland said.

After hitting a peak in early June, China's main indexes dropped by a third in less than a month, rebounded by a quarter, then saw their biggest one-day decline since 2007 on Monday.

Some Germans fear that lower growth in China could hit German exporters, especially carmakers who have benefited from fast growth rates there in the last few years.

(Reporting by Reihnard Becker; Writing by Madeline Chambers; Editing by Paul Carrel)