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In an 'ugly beauty contest,' China wins: Cragg

The Dow Jones industrial average suffered its worst daily loss in four years Friday on growing fears of continued slowing global growth.

And while China's issues have been at the top of investors' concerns, that doesn't make it fair for global markets to blame the country for the selloff, according to Wells Fargo emerging markets portfolio manager Anthony Cragg.

"I think concern on solely China is bizarre because I think what today is rather painfully demonstrating is that what people have referred to as China's problem is actually the world's problem," he told CNBC's "Closing Bell" in an interview.

That much has been alluded to in weeks past with analysts harping on lower sales expectations for companies like Apple that have higher Chinese exposure.

"I hate to point it out but I think the world has become overly dependent for years on Chinese growth," he said. "Out of the top 10 economies this year, only China and India are growing anywhere near 6 and 7 percent."

Yet even slowing down further wouldn't change the fact that China has been leading the way for global investors, Cragg said, adding that Russia and Brazil deserve a larger part of the blame.

Still, in what has become in his words a "least ugly beauty contest," Cragg says China presents opportunities.

"China is by no means the ugliest in the room, but the impact it's having on the rest of the world is clearly very significant."