China's economic slowdown represents a major theme for many financial commentators, but Jim O'Neill, former chairman of Goldman Sachs Asset Management, says they may have gone too far.

O'Neill, who coined the term BRIC — Brazil, Russia, India and China, believes China is a good place to invest.

"If the other BRIC countries were doing what [China is] doing, the world would be a better place," O'Neill said at an investment conference, CNBC reports.

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China's economic growth slowed to 7.4 percent in the first quarter from 7.7 percent in the fourth quarter. But O'Neill says investors should consider four key points about the country.

• "You have to be careful to distinguish between investing in China and what's going on with the economy."
• Though China's economic growth has decelerated, it has still topped economists' forecasts. GDP may expand 6.5 percent to 7.5 percent during the next one to two years, O'Neill predicts.
• The country hasn't abandoned reform. "The government is more determined about changing than most people realize," he said.
• China's economy is shifting its focus to domestic consumption from exports, which is reflected by the narrowing gap between industrial production and retail sales, he explains.

O'Neill also believes Mexico, Indonesia, Nigeria and Turkey, which he calls MINTs, are poised for growth in the years ahead.

Ace investor Jim Rogers, chairman of Rogers Holdings, is enthusiastic about Chinese stocks.

He tells Yahoo he's buying small amounts for the first time since 2008.

"China is the next great country in the world," he notes. "They still have a big debt problem, which worries me a lot, but I have started buying."

Rogers says he was encouraged by the government's decision to inject money into various sectors of the economy during the next 20 years.

Editor's Note: Secret Wall Street Calendar Uses Strange ‘Crash Alert System,’ Gets 18.79% Annual Returns

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