"China will be successful in ultimately re-engineering its economy," said Zimpleman, adding China will become the world's largest economy in 20 to 30 years with an economic model more like Germany, France, the United States and other developed economies.

Talking about the recent rising concerns about Chinese government's intervention in the stock market and the depreciation of Chinese currency yuan against the US dollar, Zimpleman said those interventions are "not unusual for government" and "perfectly logical" as the government has a role to support the economy and manage the capital market and exchange rate.

Chinese stock market has witnessed a quick rise since the end of last year and reached a peak of 5,166.35 points on June 12. After that the stock index began to fall and the Chinese government has taken several measures to stem the panic, including reducing the number of new shares to avoid a shares glut, a police crackdown on short-selling and a six-month ban on big shareholders selling stocks.

"The United States government through Federal Reserve has been involved into the capital market for the last seven years. They were influencing single interest rate, pushing interest rate down," said Zimpleman, adding "the European Central Bank in Europe is doing the same thing."

Zimpleman, said "every government to some extent is watching its currency. And in fact if they get outside what they think it is reasonable area they start to take steps to manage that," referring to the recent depreciation of yuan against US dollar.

"At this point I would say I don't see anything that causes me great concern," said Zimpleman, as the actions taken by China's central bank is "almost like using a tire pump to push a little more air into the tire because the tire was going to be a little bit flat."

Zimpleman also said "it is quite common" for pension fund to go into the stock market in developed countries," referring to the current discussion of pension fund to invest in the stock market in China.

"I would also say a more robust retirement system is more helpful for the economy of China because it will provide more stable and long term source of capital," he said.