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Monday, November 02, 2009

Soros: China will emerge as winner from current economic turmoil

Budapest, Oct. 30 (Xinhua) -- Investor and philanthropist George Soros forecast in Budapest on Friday that China would emerge as the big winner of the global financial crisis.
The reorganization of the prevailing world order should also extend beyond the financial system and involve the United Nations, especially membership of the Security Council, Soros argues, if progress is to be made in resolving issues like global warming and nuclear proliferation.
"The process needs to be initiated by the United States but China and other developing countries ought to participate in it as equals. They are reluctant members of the Bretton Woods institutions which are dominated by countries that are no longer dominant. The rising powers need to be present at the creation of the new order to ensure that they will be active members of it. Hopefully the Chinese leadership will rise to the occasion. It is no exaggeration to say that the future of the world depends on it."

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