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Longer-term values to be found in China: Expert

In the short term, there may be more pain for China, but longer term there are values to be found in its stock market, China investor Hayes Miller said on Friday.

The Shanghai Composite has rallied the past two days, after a month-long rout that saw stocks drop 30 percent. However, the benchmark index is still up 90 percent in the past 12 months.

On Thursday, James Chanos, who runs hedge fund Kynikos Associates, warned that there is more pain ahead for the country. He told The Wall Street Journal that the Chinese economy has been on a five-year path downward and he expects that to continue. He's maintaining his bearish position on China's market.

Miller believes that, in the short-term, Chanos has a point.

"I think that there is perhaps another shoe to drop here. It has been very rare in the past that a country has been able to actually instigate some sort of management of its stock market," the head of global multi-asset North America for Baring Asset Management said in an interview with CNBC's "Power Lunch."

The Chinese government instituted measures such as barring state-owned companies from selling their shares in an effort to stop the recent rout.

However, long term, if "you look at the fundamentals and you look at the economic story, you look at the current valuations, and you look at earnings growth and you look at development in productivity levels, I think that we're at a price that you could call a clearing price for the market," said Miller, who is currently overweight China.

"There are emerging values that you want to go searching for."

His comments echoed those of investment guru Mark Mobius, executive chairman at Templeton Emerging Markets Group, who said he believes the violent pullback has nearly run its course. He's now looking for value in the market.

Read MoreMobius: The worst is over, I'm hunting value in China

Andy Rothman, who has spent years working in and around China, isn't concerned about a correction in China's market affecting the country's economy.

He's an investment strategist with Matthews Asia Funds, which is the largest dedicated Asia-only investment specialist in the United States.

"We've seen very little wealth effect on the way up so we're likely to see very little wealth effect on the way down," he told "Power Lunch."

One reason is because not many Chinese people own stocks.

"There are only about 50 million investors, and they actually have very little money in those accounts, less than $15,000 U.S. in two-thirds of those accounts," said Rothman.

Read MoreHow China might have given itself a black eye

He believes the Chinese economy will continue to grow at 6 percent. However, he noted that while he is "really bullish," he also thinks that it will continue to grow more slowly on average every year.

Jonathan Brodsky, co-portfolio manager of the Advisory Research International Small Cap Fund, sees value in China's H-share market, available to foreigners via the Hong Kong Exchange.

"The fundamentals are strong and the valuations have relatively tempered vis-a-vis the A share market as a result of Hong Kong being much more institutional, and therefore we see a lot of value in stocks in that market."

A-shares are typically unavailable to foreign investors, he pointed out.

Read MorePisani: China's stock mess made a hornet's nest

While he's concerned about the intervention of the Chinese government in the market, he sees a potential benefit.

"This could potentially be a bullish scenario where the government recognizes its heavy-handed approach has not worked and that it has to continue down its reform plan. It needs to bring in outside capital from the foreign markets," he said.

"I think there's potential that you see enhanced reforms, which will be beneficial over the long term."

—CNBC's Ansuya Harjani contributed to this report.