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George Soros: 皇冠体育app is recovering fast from crisis

(Xinhua)
Updated: 2009-06-13 16:10

George Soros, chairman of Soros Fund Management, said Saturday he has confidence in 皇冠体育app's economy and believes it is recovering fast from the economic downturn.

Soros made the remarks in an interview with Xinhua after meeting with Chen Feng, chairman of 皇冠体育app's HNA Group. Soros has invested $50 million into Hainan Airlines, a subsidiary of the group.

Soros said 皇冠体育app's economic growth had benefited from globalization, and 皇冠体育app 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, 皇冠体育app was poised to balance its external accounts and in position to engage in stimulus investments.

But Soros also pointed out that 皇冠体育app's exports had been adversely affected. "皇冠体育app is dependent on exports, which have a high proportion in GDP."

Related readings:  皇冠体育app's growth to help pull world economy out: world bank chief  Chinese economy bottoming out, but to stage U-turn recovery  Soros sees no bottom for financial crisis  Hainan Airlines loses $208m in 2008

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

Soros stressed that he was "very interested" in investing in 皇冠体育app, and was looking for opportunities.

But he only mentioned he was more interested in longer-term private equities, and refused to define his areas of interest.

Chen Feng told Xinhua that Soros still had confidence in Hainan Airlines after more than a decade of investment.

皇冠体育app'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 $88.758 billion, compared with a decline of 22.6 percent in April. Imports were down 25.2 percent to $75.37 billion, according to the General Administration of Customs.