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Power Play: No hard landing in China

A woman working in a textile factory in Huaibei, China
AFP | Getty Images
A woman working in a textile factory in Huaibei, China

Stocks have been selling-off on renewed concerns about the slowdown in China, but two veteran market strategists tell CNBC's "Power Lunch" on Tuesday, they are not expecting a hard landing.

"China remains a concern, but we do not foresee the type of slowdown that could tip the global economy into recession. At the margin, central bank policymakers are likely to be more supportive, not less," said Lori Heinel, chief portfolio strategist at State Street Global Advisors.

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Andrew Slimmon, senior portfolio manager at Morgan Stanley Wealth Management, believes business is bad for some companies in China, but not all.

"I've heard Apple say business is strong, but industrials say business is bad in China. The heavy manufacturing companies are hit more than consumer companies," Slimmon said.

The Shanghai Composite closed lower on Tuesday, while the Dow, Nasdaq, and S&P 500 are moving in and out of the red during trading.