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Investor: No widespread panic in Beijing

Despite the plunge in Chinese markets this week, Paul Holland, Foundation Capital's general partner, said on Wednesday that there wasn't widespread panic in Beijing.

"I wouldn't try to suggest that there is panic here," he told CNBC's "Squawk Alley," speaking from Beijing.

"Generally speaking, other than a portion of people who are bummed out that the stock market has blown off the top of it, there's kind of a steady-as-you-go business environment at the moment. There's no sense of panic and there's an expectation of things progressing in the form that people thought they would."

The Shanghai Composite has fallen nearly 25 percent this week alone, despite several attempts by the Chinese government to stop it.

Holland said he had spoken to a Chinese official who said that China was shooting for 7 percent growth in 2015 but even if that turns into 6 percent, "the bottom is not going to fall out."

"So the impact of what we are seeing in China feels a bit overstated from what I'm seeing from other reports," he said.

In another interview on CNBC, Art Cashin, UBS director of NYSE floor operations, said that investors shouldn't wait for the Chinese government to step in and save the day.

"We began this week with the assumption that they [the Chinese government] was going to come in and defend stock market prices, and they found out that's a very expensive lesson," he said on Wednesday. "So they've stopped, and now they are trying these other methods and it's not working so well for them."