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No hard landing for China: Mobius

While recent economic data out of China has painted a grim picture of the world's second largest economy, Mark Mobius says he's not worried about a hard landing.

"I'm not worried because at 6 or 7 percent [growth], it's [still] huge," Mobius, the executive chairman at Franklin Templeton, told CNBC on Tuesday.

"If you look at the growth when they were at 10 percent growth back in 2010 – they were adding about $848 billion to the economy. At 7.7 percent you're adding $986 billion. The numbers are very, very large. Even with lower percentage increase the dollar value is increasing," he said.

China's economy grew 7.7 percent in 2013. The government has set its growth target at 7.5 percent this year.

Read MoreChina outlook darkens but investors look on the bright side

The emerging markets guru is equally sanguine on the outlook for Chinese equities.

"With the A shares being listed in Hong Kong, it's going to be a lot of interest in buying more into the A shares and that will increase the overall size of interest and generally opportunity for China," he said. "So I would think the outlook is pretty favorable."

Next month, the Shanghai-Hong Kong Stock Connect, also known as the "through train" scheme, will come into effect. It will allow foreign investors to place buy or sell orders on Shanghai's A-share market through brokers in Hong Kong. Chinese investors meanwhile will be able to use mainland brokers to invest in Hong Kong's H-share market.

Mobius adds that the market also looks attractive from a valuation perspective, particularly when compared with other emerging markets like India.

Read MoreChina's reforms reducing hard landing risk: Premier Li

Mark Mobius, executive chairman of Templeton Asset Management's Emerging Markets Group.
David Rochkind | Bloomberg | Getty Images
Mark Mobius, executive chairman of Templeton Asset Management's Emerging Markets Group.

Alibaba: to buy or not to buy?

Weighing in on Alibaba's initial public offering (IPO), Mobius said he's not looking to gain exposure to the Chinese internet behemoth at this point as there's far too much hype.

"It's a very, very hyped story. When it's listed, I'm sure there will be a lot of support from investment bankers. But from a longer-term standpoint, we'd rather wait and get in at a better price, if we want it."

Alibaba raise the range for its IPO to $66 to $68 a share on Monday, from the $60 to $66 range it set last week. The company began its roadshow for the IPO last week, attracting enough demand to cover its entire deal within two days, according to Reuters. Trading is set to kick off this week.

Read MoreAlibaba to boost IPO size on 'overwhelming' demand

Trouble in Europe

With Europe's fragile economic recovery sputtering, Mobius says the European Central Bank (ECB) is poised to step up its monetary stimulus.

"I think they are getting very worried and for that reason you'll see more money being printed," he said. "The European Central Bank is going to be much more aggressive than they have been up to now."

Last month, the ECB surprised investors by cutting interest rates and announcing a program to pump money into the financial system and stimulate bank lending by buying private sector financial assets.

Read MoreSystemic risks: Russia vs Middle East

Contrarian call

Despite geopolitical risks clouding Russia's outlook, Mobius is still investing there.

"We're still in Russia," he said. "We don't think the situation in Ukraine is going to last forever and some agreement will be made…so I think this is a very short term event and a good opportunity to be in Russia."

The Micex stock index, which tracks the prices of the 50 most liquid Russian stocks, is flat year to date, underperforming the broad MSCI emerging markets index, which is up 5.4 percent.