DAVOS, Switzerland - Billionaire investor David Rubenstein has said he is bullish on the outlook of the Chinese economy over the next two years.

"China has had some challenges in the last year or so post-COVID. But I think the Chinese government has now recognized their challenges, and they are trying to address them," Rubenstein, co-founder of private equity giant Carlyle Group, told Xinhua on Tuesday on the sidelines of the ongoing World Economic Forum (WEF) annual meeting.

"So ... I think the worst is behind China. And I think we're probably going to do pretty well in the next year or two," Rubenstein said.

Rubenstein co-founded Carlyle in 1987 with William Conway Jr and Daniel D'Aniello. He now serves as co-chairman.

According to a Forbes estimate, Carlyle Group's assets under management are approaching $400 billion.

Rubenstein stressed that Carlyle Group will continue investing in China. "You never know where the best opportunities are coming from, but I think the opportunities that you now see are good."

On the theme of "Rebuilding Trust," the WEF's 54th Annual Meeting runs from Jan 15 to 19 at Davos, Switzerland.