Fund Management Chairman George Soros makes a speech at the London School of Economics and Political Science in London, March 31, 2009. Soros Tuesday called on the Thursday summit of the Group of 20 Countries not to merely provide pious words and general principles, but to actually lay the foundation for concrete steps to stabilize the position of periphery countries.(Xinhua/Zhang Yuwei)
LONDON, March 31 (Xinhua) -- China "will be coming out of the recession faster than the rest of the world," the Hungarian-born U.S. billionaire George Soros said here on Tuesday, adding that it will be coming out stronger from the financial crisis that has hit almost the whole world.
Speaking at a seminar organized by the London School of Economics ahead of the G20 summit, Soros said China has the means to stimulate its economy and keep the growth.
He noted that China was "badly hit as the rest of the world," in some ways "even worse than some countries" because it is so dependent on exports.
However, Soros pointed out that China has a system "which is more suited to these emergency conditions," and the government has more control over the banks.
The billionaire investor spoke highly of the stimulus packages that Chinese government introduced, which has led to significant expansion of bank lending and a rally in the stock market.
"China will be coming out of the recession faster than the rest of the world," he predicted.
Soros Fund Management Chairman George Soros (L) talks with Howard Davies, director of the London School of Economics and Political Science, in London, March 31, 2009.(Xinhua/Zhang Yuwei)