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Power Play: Don't worry about China

A worker marks the steel rectangular tubings in a steel trading market on March 10, 2016 in Beijing, China.
Emmanuel Wong | Getty Images
A worker marks the steel rectangular tubings in a steel trading market on March 10, 2016 in Beijing, China.

While the S&P 500 has regained most of its losses since the beginning of the year, the Shanghai Composite is still off 20 percent year-to-date as concerns about an economic slowdown continue to grip the Chinese market.

But Brown Brothers Harriman Private Banking Chief Investment Strategist Scott Clemons tells CNBC's "Power Lunch" on Friday he is not worried about China taking down global markets.

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"What we are seeing in China is not a hard landing," Clemons said.

He is not surprised with the slowdown and believes the Chinese government still has control over the situation.

"We are seeing the transition from an emerging economy to a developed economy. It won't happen overnight," Clemons said.

The S&P 500 and the Shanghai Composite are higher during trading.