Prudential CEO Mike Wells told CNBC in an interview Friday that he did not agree with the widespread belief that China is overleveraged, saying that “The structure of leverage in the country is improving definitely and has a way to go.”

“They’re still looking at the supply and the demand side of the economy as hard, which I think gets lost sometimes in the narrative about China,” said Wells.

“There’s a very economic look, there’s a very balanced look at consumers, they haven’t tapped the consumerism that’s in the economy by any means, and I think there’s a lot of upside.”