Soros Says China's Economy Looks Like the U.S. Before the Crisis
- Surging new credit is warning sign, billionaire investor says
- Fitch's Colquhoun concerned debt burden could derail growth
Report: George Soros Warns Over China's Debt
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Billionaire investor George Soros said China’s debt-fueled economy resembles the U.S. in 2007-08, before credit markets seized up and spurred a global recession.
China’s March credit-growth figures should be viewed as a warning sign, Soros said at an Asia Society event in New York on Wednesday. The broadest measure of new credit in the world’s second-biggest economy was 2.34 trillion yuan ($362 billion) last month, far exceeding the median forecast of 1.4 trillion yuan in a Bloomberg survey and signaling the government is prioritizing growth over reining in debt.