神马文学网Billionaire investor: China now motors the world
来源：百度文库 编辑：神马文学网 时间：2024/06/05 05:58:19
Billionaire investor: China now motors the world
08:32, September 16, 2010 
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stumbleupon US billionaire investor George Soros, well-known in Asia following the 1997-98 Asian financial meltdown, said in New York Wednesday that China now engines the world's economy, which is phenomenal for the new time.Soros told a gathering hosted by The Reuters that China has replaced the United States as the motor of the global economy, gaining increasing clout in both economic capability and political influence.
"The shift is phenomenal - I have never seen anything like it," Soros said. "There is no parallel because the rise of power typically takes decades of time."
The 2008-09 financial crisis initiated in the U.S. accelerated the power transfer by shutting down the U.S. consumers, whose historically voracious demand previously powered the global economy. Now China is in the driver's seat and the world is running on a supply-side engine, Soros said.
"The Chinese economy has become the motor of the global economy," Soros said. "This is a smaller motor and that's why the global system is not growing as fast."
The transfer of wealth is the result of the U.S. willingness to consume more than it produces and China's willingness to produce more than it consumes, the billionaire investor said.
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