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Strategist: China fears way overblown

Beyond manufacturing, the Chinese economy is doing well, said Andy Rothman, Matthews Asia investment strategist, on Friday.

"If we focus too much on the heavy industry and construction and manufacturing, that stuff is definitely slowing down," he told CNBC's "Power Lunch."There's definitely a rust belt in China, but then we lose sight of the fact that this is now an economy driven by consumers and services and that stuff is still doing really well."

Rothman said that it is important to consider the fact the Chinese economy is still "rebalancing and restructuring" and therefore not necessarily slowing down.

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In his view, Americans seem to be more concerned about the slowdown than the Chinese in China.

"I spent a month traveling around China and, you know, it was pretty hard to find any Chinese person who was concerned that the Chinese economy is doomed, whereas you come back here and that's pretty much what everybody's focused on," he added.

U.S. tech in China

Jeff Richards, GGV Capital managing partner and an early Alibaba backer said that for tech companies, China presents its own set of problems.

"China is a tough place to do business," he said in an interview on CNBC's "Squawk Alley" on Friday. "I don't think it's getting easier, but think the American companies are finding relationships and local partnerships that maybe are better than they've ever been."

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But he said that despite the difficulties of the market, American companies need to get in because China continues to grow.

"It's a hard market to do business but it's a market that American tech companies can't ignore. If you want to produce high growth in the next five to 10 years, you've got to be in China."

—CNBC's Ritika Shah contributed to this report.