The sluggish Chinese economy continues to shake Wall Street, but the country's consumer technology companies remain a safe bet to boost activity, one venture capitalist contended Friday.
Established, export-driven "old economy" firms in China have hit a snag, fueling the recent rough patch for the nation's stocks and damaging global sentiment, said Glenn Solomon, managing partner at GGV Capital. But he noted investors need to distinguish those companies from younger, tech-focused firms who have better growth prospects.
"We'll see growth from those which will ultimately overwhelm slowing growth you're seeing in the old economy," he said in a CNBC "Squawk Alley" interview.
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"The consumer has to lead Chinese growth from here on out. There's only so far that investment and exports can take you. Now it's really up to the consumer," he added.
GGV, which has injected money into Chinese online marketplace Alibaba (NYSE: BABA) and was an early investor in smartphone maker Xiaomi, will continue to seek opportunities there despite the slowdown, Solomon said. Nascent companies with a focus on e-commerce, mobile and digital platforms will benefit from a growing Chinese middle class, even if legacy firms continue to sag, he contended.
Still, U.S. investors have largely soured on Chinese tech companies. U.S.-listed shares of Alibaba, for instance, have shed more than 30 percent this year.
"Wall Street seems to have thrown in the towel on China," Solomon said.
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Still, he noted that Silicon Valley tech companies such as Apple (NASDAQ: AAPL), Uber and Airbnb continue to work their way into China to reap the benefits of the growth segments.
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