The sluggish Chinese economy continues to shake Wall Street, but the country's consumer technology companies remain a safe bet to boost activity, one venture capitalist contended Friday.
Established, export-driven "old economy" firms in China have hit a snag, fueling the recent rough patch for the nation's stocks and damaging global sentiment, said Glenn Solomon, managing partner at GGV Capital. But he noted investors need to distinguish those companies from younger, tech-focused firms who have better growth prospects.
"We'll see growth from those which will ultimately overwhelm slowing growth you're seeing in the old economy," he said in a CNBC "Squawk Alley" interview.
"The consumer has to lead Chinese growth from here on out. There's only so far that investment and exports can take you. Now it's really up to the consumer," he added.