China is now the engine that runs the world,
relegating the U.S. to second fiddle in both economic power and global
influence, says George Soros, the billionaire investor renowned for his
ability to anticipate and capitalize on emerging economic trends.
"The shift is phenomenal - I have never seen anything like it," Soros
said at a New York event hosted by Reuters. "There is no parallel
because the rise of power typically takes decades."
The financial crisis in the U.S. accelerated the power transfer by
shutting down the U.S. consumer, whose historically voracious demand
previously powered the global economies. Now China is in the driver's
seat and the world is running on a supply-side engine, Soros said.
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