China has a system "which is more suited to these emergency conditions," the Hungarian-born US billionaire George Soros said in London on Tuesday, adding the Chinese government has more control over the banks.

Speaking at a seminar organized by the London School of Economics ahead of the G20 summit, Soros said China has the means to stimulate its economy and keep the growth.

He noted that China was "badly hit as the rest of the world," in some ways "even worse than some countries" by the current economic crisis.

Soros, however, predicted that China "will be coming out of the recession faster than the rest of the world."

The billionaire investor spoke highly of the stimulus packages that the Chinese government introduced, which have led to significant expansion of bank lending and a rally in the stock market.

Soros also said that the upcoming G20 summit has "tremendous influence" on the world economy.

"It is important that this G20 doesn't merely provide pious words and general principles," said Soros, "but actually lays the foundation for concrete steps to stabilize the position of periphery countries."

He expected that the meeting will provide some "concrete results," adding "the capital of the International Monetary Fund is certain to at least be doubled."

Leaders of the G20 meet in London Wednesday with the global economy facing what the Organization for Economic Cooperation and Development (OECD) described this week as the "deepest and most synchronised recession in our lifetimes."

(Xinhua News Agency April 1, 2009)