China has had recurring periods of greatness and recurring periods of disaster and now is the time to be in China, Jim Rogers, chairman of Rogers Holdings, told CNBC as China celebrates 60 years of communist rule.
The country's economy has been opening up gradually since 1989, and it will probably float the yuan pretty soon, Rogers added.
"China saved up huge reserves for a rainy day, now it's raining and they're spending those reserves," Rogers said.
"You contrast that with the UK or the US for instance which has no reserves, has nothing but huge debts and they're borrowing, or printing, or taxing to spend their money… I'd rather be in the East than in the West."
China will spend the stimulus money on durable goods but also in upgrading its infrastructure and its schools, providing jobs, Rogers said.