Former U.S. presidential economic adviser: worst of financial crisis is over

In terms of growth, Rutledge thinks China will come back fast, while the United States will revive more slowly.

Rutledge also praised China's massive stimulus package.

"China has almost entirely aimed at construction and infrastructure. As Wen said, infrastructure will make more productivity later for the economic growth," he said.

Rutledge pointed out that China's stimulus package is of great social value, as it is aimed directly at construction in an effort to raise the income of migrant workers.

"They (migrant workers) transfer money they make from rich cities to families in small villages. It's very important to keep the flow of money to help the less fortunate villages to grow," he said.

China does not need another stimulus package, as the current one is well-designed, fast, large, and it is aimed at people who "need help most", he said.

"We can declare victory, I would say," said Rutledge, noting that the crisis would make integration between Asian countries closer and boost cooperation between governments.

"This is where the stability of the Asian growth machine will be determined," he said.

Editor:Zhang Pengfei