Kevin Rudd speaks at the opening ceremony of the 2015 International Finance Forum on Nov. 7, 2015. (Photo: China News Service/ Han Haidan)
(ECNS) -- The global economy might have been worse without the contributions of China, despite the world's second largest economy suffering from a slowdown, said Kevin Rudd, former Australian Prime Minister and Chairman of the International Finance Forum.
Rudd made the comments at the opening ceremony of the 2015 International Finance Forum in Beijing on Saturday.
"We have to reach the conclusion that seven years after the global crisis, the world is still not fully recovered," Rudd said. "Unstable geopolitical situations, continuing quantitative easing, weak commodity prices, etcetera, signal fundamental problems in the global economy."
According to a report released by the World Bank in June, global economic growth prospects are expected to lower to 2.8 percent. China has also adjusted its growth prospect to between 6.5 to 7 percent annually.
"I welcome China's rebalancing efforts," Rudd said. "China needs to shift from an export-driven, investment-driven growth model to a service and innovation-oriented model."
Although China's restructuring efforts are weighing on its growth, Rudd said he is confident in China's mid and long-term development.
The IFF is an independent organization initiated by over 20 countries in 2003, and a platform for global high-level dialogue and academic research in the financial field.
This year's annual forum is attended by economists from around the world such as Han Seung-soo (former Prime Minister of South Korea and President of the 56th session of the General Assembly of the United Nations), and Yukio Hatoyama, former Prime Minister of Japan.