Investors should set aside worries about China's ongoing credit troubles and put more money into into the fast developing economy, veteran investor Wilbur Ross told CNBC on Monday.
"China is getting very close to the point where one should be making more commitments to it," Ross said on "Squawk Box." "I think it's true that they're slowing down, but by global standards they're doing very, very well."
Earlier Monday, a Chinese trust firm announced an agreement with investors in a troubled high-yield investment product, narrowly avoiding a precedent setting default. The high-yield trusts are part of what has been described as China's "shadow banking" network. Ross, however, said fears over China's financial system remain "way overblown."
Ross maintained that China held an enviable gross domestic product among the world's big economies. He said the country's powerful central bank has enough resources to combat problems with the high-yield trusts as it moves away from an export- and investment-driven economy to a consumer-driven system.
(Read more: China shadow bank says reached pact to avoid default)
"I don't think it should be too surprising that it's not a seamless movement away from one set of dynamics in your economy to a fairly different one," Ross said. "You have to assume there'll be some little rough spots in between."