China slowdown is more acute than believed, says economist Kenneth Rogoff

The economic slowdown in China is more acute than conventional wisdom and stimulus hasn't been as effective as it was in the past, said renowned US economist Kenneth Rogoff.

"China is still very poor compared to Europe and they have the same housing per capita at the same square metres, there is really some downward pressure on housing prices. Now they can do things to push it up but that could make it just worse later," Rogoff told CNBC-TV18 on the sidelines of India Risk Management Awards (IRMA).

Rogoff said, "China really does seem to be slowing down more than the official number. It has probably slowed down a lot. In Europe that is what Germany is feeling, that is what a lot of Asia is feeling. So, looking more broadly globally that is much slower and the whole world affects interest rates, it is not just the United States."