Emerging markets investment guru Mark Mobius says the long-term story for China is still very bright, despite the sharp decline in Chinese stocks this year.
Mobius notes that prices of H shares (Chinese companies listed in Hong Kong) have been hit as a result of the declines on the Shanghai domestic market. "Now, you can pick up these stocks (H shares) at single digit price-to-earnings ratios," Mobius told CNBC's Asia Squawk Box Tuesday, and that's a substantial discount.