Investors should set aside worries about China's ongoing credit troubles and put more money into into the fast developing economy, veteran investor Wilbur Ross told on Monday.China banking worries 'way overblown': Wilbur Ross;
"China is getting very close to the point where one should be making more commitments to it," Ross said on "Squawk Box." "I think it's true that they're slowing down, but by global standards they're doing very, very well."
Earlier Monday, a Chinese trust firm announced an agreement with investors in a troubled high-yield investment product, narrowly avoiding a precedent setting default. The high-yield trusts are part of what has been described as China's "shadow banking" network. Ross, however, said fears over China's financial system remain "way overblown."
Ross maintained that China held an enviable gross domestic product among the world's big economies. He said the country's powerful central bank has enough resources to combat problems with the high-yield trusts as it moves away from an export- and investment-driven economy to a consumer-driven system.
Others remain more cautious about China's prospects.
Boris Schlossberg, a managing director at BK Asset Management, believes the biggest risk to global markets comes from Chinese wealth-management products such as the high-yield trusts. He said Chinese banks are trying to avoid a "Lehman" moment, referring to the collapse of the Wall Street investment bank that precipitated the Great Recession.
"They're afraid of letting one of these things go and then everybody else in China starts to run for the exits and that creates a tremendous security problem for the rest of the world," Schlossberg told CNBC.