The CEO of one of the world's largest sovereign wealth funds has told CNBC that he sees continued growth for the Chinese economy — and he named one of his favorite companies there.

Mubadala, an Abu Dhabi-based fund, has invested in the country by partnering with China Development Bank Capital and China's State Administration of Foreign Exchange to establish UAE-China Joint Investment Fund.

Mubadala CEO Khaldoon Al Mubarak told CNBC Thursday that the fund had already deployed more than $700 million in a big bet on Chinese growth.

"We believe China is an economy that's going to continuously grow at attractive growth rates and that the opportunities lie within that economy," he said.