George Soros, chairman of Soros Fund Management and founder of The Open Society Institute, speaks at a sub-forum during the 2013 Boao Forum for Asia in Boao town, Qionghai city, south Chinas Hainan province, 8 April 2013.   The outlook for Chinas economic transformation is hopeful, and its new leadership has been aware of the need to make the transition, said Gorge Soros, the retired chairman of Soros Fund Management and founder of Quantum Fund in a recent interview with Xinhua. I think the initial signs (of the new leaderships financial policies) are very encouraging, he said, adding he is optimistic and China has been at the forefront of economic planning. Chinas 12th Five-Year Plan (2011- 2015) made a turning point in the countrys growth model, steering the economy away from export and investment-led growth to boost domestic consumption. It is going to be a very difficult transformation, Soros said, adding the growth of household consumption taking one third of Chinas economy cannot make up for the slower growth in exports and investments, which account for two thirds of the economy. Therefore, the overall growth rate will have to be significantly slower than it has been up to now. That is a very important point. He said the more than 10 percent rapid economic growth is unlikely to recur in the more mature phase that China is entering today. Soros said the existing model has produced positive results, and Chinese government has quite substantially accumulated reserves, such as the foreign reserve, that give them the need to correct shortcomings. On the whole, I think the outlook (for Chinas economic transformation) is hopeful, he said.
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