International investor Jim Rogers is bullish on Chinese stocks, but he doesn’t recommend buying them until there’s a major correction.

"China's going to be the next great country in the world," he tells CNBC. “But that doesn’t mean you should rush out and buy Chinese shares.”

The only time to buy them is when they collapse, Rogers says. That’s why he says he bought in 1999, 2005 and November 2008, but not outside of those periods.

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.

"I was violently and vehemently telling people not to buy China when it was going up in 2007,” Rogers says.

As for now, “I own Chinese stocks, and if they collapse, I promise I’ll buy more,” he says.

“There’s a huge difference in saying that China is going to be the greatest country in the 21st Century and saying that you should buy Chinese stock.”

The iShares FTSE China 25 Index Fund, the biggest Chinese exchange-traded fund in the United States, has climbed 3.1 percent in the last three months

Mark Mobius, executive chairman of the Templeton Emerging Markets Group, seems to be permanently bullish on Chinese stocks, but he’s particularly enthusiastic about the coal sector now, after those stocks recently hit their cheapest levels ever.

“These companies are not only mining but also producing power and the demand for power is insatiable in China and everywhere else in the world,” Mobius tells Bloomberg.

“They will be growing, and they are expanding overseas as well. The slowdown that we’ve seen in global markets means there’s an opportunity for these companies to buy mines at low cost.”

Editor's Note: 'It’s Curtains for the US' — Hear Unapologetic Warning from Prophetic Economist.