Concerns over global growth have contributed to the recent market turbulence, but TIAA-CREF President and CEO Roger Ferguson believes China will ultimately stabilize its economy.
"My impression of the Chinese is that they are very good at working through and managing their economies. So I would expect them to continue to focus in on these elements of stimulus," said Ferguson, who was vice chairman of the Federal Reserve from 1999 to 2006.
He also thinks the country will need to reach its long-term goal of moving towards a more consumer-oriented society.
"Though it will be tricky from day to day, I think they will be ultimately successful."