By Saeed Azhar NEW YORK (Reuters) - The Chinese government's support of banks hit by property woes will enable it to avert a financial crisis like the ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSNEW YORK - The Chinese government's support of banks hit by property woes will enable it to avert a financial crisis like the one in 2008 that was precipitated by the downfall of U.S. investment bank Lehman Brothers, a Goldman Sachs analyst said on Wednesday.
"Chinese policy-makers are very focused on avoiding that. They will be willing to provide financial support for the banks and for the sectors that are directly affected by the weakness in the property market," he said. China does not have the same level of financial leverage or widespread usage of derivatives that exacerbated the 2008 crisis, he said.
The U.S. economy will avoid a recession this year, he said, but the Federal Reserve will take a while before it starts to cut interest rates. Hatzius was early among economists who predicted that the United States will avoid the recession, a call considered contrarian at the time.
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