John Chanos Predicts a Chinese Bubble
Posted on January 8, 2010 by John Trevors for Luckyroom.com
The man who predicted the Enron scandal is now contesting against a mighty power: China. The Greek multimillionaire James Chanos which lives permanently in the United States raises a big question about whether China will meet the high expectations of investors. While the bets in the investment community worldwide have helped the Chinese economy recover strongly from the international recession, Mr. Chanos is warning that China is moving ahead to fall, in contrary to what most investors might think. The top investor makes suspicions that Beijing is cooking the financial elements of “inflating” the rate of growth of Chinese economy in excess of 8%.
Chanos talks about a bubble, and bubbles are distinct from the excess funds as he said in a recent television appearance on CNBC. Most economists and governments, however, believe that China will maintain the high growth this year after the state incentive package of 586 billion dollars. Since foreign investors have restrictions on investing in shares listed on stock exchanges in Beijing, Mr. Chanos has said he is looking for alternative ways to invest in his predictions.
Read more about John Chanos on Wikipedia
Source of information: The New York Times
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