Despite foreign and domestic challenges facing the Chinese economy, including the recent turbulence in the stock market, former Australian prime minister Kevin Rudd has full confidence in the world’s second-largest economy.
“I think the Chinese economy has very strong fundamentals,” Rudd said in an interview in Beijing with China Daily and other Chinese media earlier this week.
Rudd, now president of the Asia Society Policy Institute, was prime minister from 2007 to 2010 and held the office again in 2013.
He said China’s fundamental economic strength in various aspects, including the economic system, foreign reserves and public finance, “is in good order”.
He said that “China is still growing”, despite difficulties including the weak global market and “some domestic challenges, including in the equities market”.
“So we need to take a deep breath and put everything into context. China is still contributing to global growth. Many economies in the world are not.
“Yes, there are problems, but none of the problems are incapable of solution,” he added. “I’d rather say that in every country of economic development, no one ever has a smooth ride. Most of these rides are rough.”
He said the process of development is not a theory but a reality that involves people and institutions. “That’s not only an international story, that is also a China story.”