During a speech at Davos, he pointed out that "there is a financial crisis and a bear market", the Guardian reported.
"The source of the disequilibrium is different. In 2008 it was US sub-prime housing. Today it is China, where a hard landing is practically unavoidable.
Soros' comments came as Asian markets finally rallied, after a week of turmoil. The FTSE was 2.1 per cent higher at 5,894 points this morning, after it fell as low as 5,640 earlier this week.
Earlier this month, Soros compared the current economic climate to that of 2008, saying "China has a major adjustment problem".
"When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008," he said.
Soros also used the opportunity to attack Donald Trump, accusing him of "doing the work of Isis" by alienating Muslims in the US.
Trump and fellow Republican presidential candidate Ted Cruz "want people to turn against the Muslim community and market the Muslim community think there is no alternative to terrorism. It turns the Muslim community into a breeding ground for Isis".