Hedge fund managers such as Jim Chanos of Kynikos Associates and Hugh Hendry of Eclectica are dead wrong when they make bearish calls on China, says international investor Jim Rogers.

China has been growing at a red hot pace over the past few years and while growth may cool, it's not going to come crashing down.

"Those guys have been dead wrong for two years. Chanos said two years ago he was shorting China and it's going to collapse," Rogers tells CNBC.

Jim Rogers (Getty Images photo)

"I know Jim and I like Jim and admire Jim but he's been dead wrong for two years, I hope he's still solvent. If he did the things he said he's doing, he's losing a lot of money," Rogers adds.

In 2009, Chanos branded China as "Dubai times 1,000" due to its construction spending.

While pockets of the Chinese economy may be seeing asset bubbles swell, such as in coastal real estate sectors, the economy is sound overall.

"China is entirely different. You cannot buy 4 or 5 houses with no money down and (without a) job like you could in the U.S.," Rogers says.

Moody's ratings agency, meanwhile, is concerned that China may have understated its debt burdens held by local governments by $541.6 billion.

Moody's is also worried that the number of bad loans on Chinese books may be rising as well.

"The potential scale of the problem loans at Chinese banks may be closer to our stress case than our base case. This is clearly a negative trend for creditors," Moody's says, according to the AFP newswire.