Fear about a Federal Reserve rate hike sent stocks lower Friday, but next week investors are going to refocus on China—which will be the key driver of equity prices over the next couple of months, according to noted strategist Russ Koesterich.
The main concern will be about the country's economic growth, as opposed to its tumultuous stock market since very few people outside of China own A-shares, he said.
"It's more about what does the economy look like, and how will China's slowdown affect the rest of the global economy," BlackRock's global chief investment strategist said in an interview with CNBC's "Closing Bell."
China's slowing economic growth has been blamed, in part, for the recent market rout. However, on Friday the "decent" U.S. jobs number raised the possibility that the Federal Reserve is still likely to raise interest rates this year despite the global economic slowdown and falling inflation expectations, Koesterich explained.