Rob Lutts, founder and chief investment officer of Cabot Money Management, told CNBC’s “Squawk on the Street” that China is now an established economy.
“I think it’s a misnomer to call these ‘emerging economies,’ ” Lutts said. “China has arrived. It has a tremendous foundation for growth.”
Lutts said China has the workforce needed to move ahead.
“The capability of the entrepreneurs in those companies and the people’s commitment to growth is substantial,” he said. “They have a huge cost advantage, and developed nations around the world are working to set up manufacturing facilities in China. That’s not going to stop.”