Since the Chinese stock market crashed from its peak in early June, Wall Street billionaires such as Paul Singer and Jeffery Gundlach warned the overreaching impacts of China’s fall-out. But billionaire investor Wilbur Ross, an avid Chinese contemporary art collector with years of investment experience in China, thinks that the situation is not as unsettling as some of his fellow billionaires have described. Ross sat down with FORBES recently to share his views on China’s stock market crash, its long-term economic outlook, and good investment opportunities amid market volatility. Forbes: Where do you see China’s economy going? Ross: It’s hard to imagine that the economic growth would add up to 7%. That’s the real problem: they’re doing a lot of things all at once. They’re trying to move from export-driven to consumer-driven – that’s a big challenge right there because the investment side was 44% of the economy. What strangely has complicated the situation is the anti-corruption. They have all the rights to do it, but it may be getting a bit out of control. I’m hearing stories that in fancy restaurants, if a lady is wearing expensive jewelry, or a man is wearing a big fancy watch, waitresses email the photo right to the police who will come straight to the restaurant. That wasn’t meant to terrorize the population, but it’s made anything on spending difficult. As a result, the luxury market has collapsed. Forbes: What do you expect of upcoming government actions? Ross: We forecast that they would do something to the currency. Relative to other emerging market currencies, the yuan is way too strong. It’s appreciated 50% versus the Mexican pesos. It’s tough to get that export machine going. We just didn’t think it would go down 3% in 3 days [laugh], and I don’t think the government meant to either. Directionally, it needs to go down. They’ll also continue to cut the reserve requirement and interest rates, because those are high relative to other countries. To keep the economy competitive, they have to make some changes. When the 13th five-year plan comes in October, you’re going to see a lot about social safety network and healthcare and education reforms. You’re going to see a different tone – more focus inwardly, more focus on bringing the society along.