International Monetary Fund former chief economist Ken Rogoffsaid said the slowdown in Chinese economy may have an impact worldwide.

He noted that being the world's second largest economy, it is likely to have a 'hard landing' and the repercussion will be felt across the globe. However, it was pointed out that the latest figures relative to China's economic performance have been encouraging.

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Speaking with BBC, Rogoff said the slowdown may pose a negative impact to the global economy as the country is "one of the main engines of global growth."

Meanwhile, Rogoff noted that China is currently experiencing "a big political revolution."

Referring to the importance of the Chinese economy to the entire world, Rogoff he said "there isn't really a substitute for China."

Amid this, he cautioned the US and European economies to be "on their feet" in case of any slowdown. The former chief economist also said that global economies are suffering from uncertainties because of the upcoming US presidential election.

In recent months, China's growing debt pile as well as excess capacity has come under international scrutiny. The Chinese economy has been showing the signs of weakness as well. However, more recently, the country has posted encouraging numbers, showing increase in industrial confidence as well as profits. China's industrial profit grew 19.5 percent in the month of August, its highest rate in three years.  

A recent survey conducted by People's Bank of China showed rise in its business confidence index. Speaking in New York earlier this month, Chinese premier Li Keqiang also noted that the economy is capable of maintaining its momentum. 

TagsKen rogoff, IMF, china, Chinese Economy Slowdown Global Repercussions