See more stocks in emerging countries is a big mistake

According to the "Financial" reported on October 21, "Financial" reporters in New York's Seventh Avenue office of the Soros Foundation, had an interview with the investment community "predators" a social activist and philanthropist. On its own in this year's recommended books "to see U.S. space assets, more than to see China, India and the Gulf region, Africa and the United States stock and currency" investment strategy that he was very frank: "Oh, I committed a big mistake. " "Finance": In your most recent book, to make such an investment strategy: to see empty the United States, Europe and the United States shares the 10-year government bonds and the dollar, rising China, India and the Gulf region in the stock and non-dollar currencies. If you follow the suggestions, and we will not see a lot of capital flowing into China, once again pushing up China's capital bubble? George: Oh, I committed a big mistake, not only in my book, I also investment strategy. I think these emerging markets will be immune to the crisis in the United States, but a matter of fact, some of the decline in emerging markets than the United States, I also suffered losses because of this error. "China than in other countries through times of crisis it is more likely" I still believe that China than other countries in weathering the crisis is more likely, but this requires not only economic but also political reforms. I can see that China is a beneficiary of globalization, there is more room to decide how to deal with the crisis. This is the Chinese regulatory system to better develop their good opportunity. I think China has a global system played an important role, but to hold this position, it must first be approved in other countries. "Finance": In that case, China is now the case can contribute to what? Soros: Today's China can play an important role - to help other countries cope with the crisis. As Eastern Europe, Latin America, Asia, governments are unable to protect the country's banks, there must be an international security, otherwise, would be capital flight from these countries. There is a need for international funding "pool", led by the IMF by the huge foreign exchange reserves held by countries - such as China, Japan to support the "external" state of the banking system to provide security. So that these countries should also be able to adopt a deficit budget and counter-cyclical fiscal policy to support domestic demand should slow down the economy. Did not have the funds "pool" of support, it is difficult to tide over the crisis.