Big names like David Tepper and 'Big Short' investor Michael Burry are quietly upping their bets on the Chinese economy

It's getting late into 2024 and the world is still worried about China.  

From property woes to sluggish economic data, China appears to be suffering from long Covid. The country is still reeling from the effects of widespread lockdowns since 2020, showcased through weaker GDP, a struggling stock market, and high unemployment — dashing hopes of a quick post-pandemic rebound. 

But amid all the uncertainties, this gloom and doom view isn't shared by all market thinkers.

"Everyone is so down on China. I doubt we can see surprise to the downside with what we're having coming through, but there's still so much fantastic innovation that can come from China," BML Funds CIO Ted Alexander told CNBC's "Street Signs Asia" last week.

"I think anyone would be good to have exposure to China," he added.

Billionaire investors, including Appaloosa Management founder David Tepper and "Big Short" investor Michael Burry, recently revealed they are sticking to their China bets. 

Recent 13F regulatory filings showed Chinese e-commerce giant Alibaba is still Tepper's top holding, despite trimming his stake by 7% in the company during the second quarter. Alibaba now accounts for 12% of Appaloosa's $6.2 billion equity holding. 

Tepper also added stakes to other Chinese companies, including JD.com, KE Holdings as well as two Chinese exchange-traded funds (iShares China Large-Cap ETF and KraneShares CSI China Internet ETF).

Burry has recently made similar moves. The famed investor loaded up on Alibaba stock in the second quarter, revealing an $11.2 million position in the company. That makes Alibaba Burry's largest holding, with other Chinese tech stocks including Baidu and JD.com also featuring on Burry's portfolio.

Meanwhile, BCA Research recently