Billionaire investor and philanthropist George Soros said on Friday China will be the biggest winner of the global financial crisis while the United States stands to lose the most.

There will be significant changes in the relative positions of other countries as well but from a global perspective, the one between the United States and China is the most significant, Soros told a lecture. China is likely to emerge as the big winner.

Soros added the U.S. banking system has to earn its way out of a hole while in commercial real estate and leverage buyouts, the bloodletting is yet to come.

Investment China George soros