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World heading for financial crisis worse than in 2008 — China’s Dagong rating agency head

World heading for financial crisis worse than in 2008 — China’s Dagong rating agency head

A setback in the growth model focused on credit-based consumption may become a source of a new crisis

BEIJING, February 4. /TASS/. The world economy may slip into a new global financial crisis in the next few years, China’s Dagong Rating Agency Head Guan Jianzhong said in an interview with TASS news agency on Wednesday.

“I believe we’ll have to face a new world financial crisis in the next few years. It is difficult to give the exact time but all the signs are present, such as the growing volume of debts and the unsteady development of the economies of the US, the EU, China and some other developing countries,” he said, adding the situation is even worse than ahead of 2008.”

“The current crisis in Russia is caused by Western countries’ sanctions rather than internal factors. If we look at the US and the EU countries, their crises were caused by internal and not external factors,” the president of China’s Dagong rating agency said.

 

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