CNBC - The future direction of China is the "major" source of uncertainty facing the global economy at the moment, according to billionaire investor George Soros. "The major uncertainty facing the world today is not the euro but the future direction of China. The growth model responsible for its rapid rise has run out of steam," Soros, chairman of the Soros Fund Management, wrote in an opinion piece on the Project Syndicate website on Thursday.

Soros says there are "unresolved contradictions" in the leadership's current policies, which would have profound consequences for China and the world if they are not addressed. "The Chinese leadership was right to give precedence to economic growth over structural reforms, because structural reforms, when combined with fiscal austerity, push economies into a deflationary tailspin," he said.

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