Rising economic power China is the most likely country to help replace the falling demand from U.S. consumers, investor George Soros said on Thursday.
'In so far as you will have a positive replacement for the American consumer it is going to come largely from China. They are of course much smaller than the United States,' he said at a conference, according to Reuters.
This month, speaking at a seminar that the London School of Economics organized ahead of the G20 summit, Soros proclaimed China better prepared for the kind of financial crisis we now face than other nations.
China has a system "more suited to these emergency conditions," the Hungarian-born billionaire said, adding that the Chinese government has more control over the banks and has the means to stimulate its economy and keep up growth, Xinhuanet.com reports.
Soros noted that China was "badly hit as the rest of the world," in some ways "even worse than some countries" by the current economic crisis, but predicted that China "will be coming out of the recession faster than the rest of the world."