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Soros has confidence in China's economy

GEORGE Soros, chairman of Soros Fund Management, said yesterday that he has confidence in China's economy and believes it is recovering fast from the economic downturn.

Soros made the remarks after a meeting in Beijing with Chen Feng, chairman of China's HNA Group. Soros has invested US$50 million into the group's airlines.

Chen said Soros still has confidence in Hainan Airlines after more than a decade of investment.

Soros said China's economic growth has benefited from globalization, and China benefited from the financial crisis because it was not directly affected.

"Its financial institutions are largely unaffected," Soros said, noting that with a good balance sheet, China was poised to balance its external accounts and in position to engage in stimulus investments.

Favorable factors

But Soros also pointed out that China's exports had been adversely affected.

Soros said China was taking steps to finance exports by providing finance and investing abroad. "Given the favorable factors, China is actively cooperating with the rest of world and has its economy recovering fast."

Soros was "very interested" in investing in China and looking for opportunities.

China's economic growth hit a 10-year low of 6.1 percent in the first quarter, while exports and imports shrank for the seventh month in a row in May.

Exports fell 26.4 percent in May from the same period a year ago to US$88.758 billion, compared to a fall of 22.6 percent in April.

Imports were down 25.2 percent to US$75.37 billion.


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