Emerging markets guru Mark Mobius says he thinks people are too pessimistic on China and Europe.

“If you look at independent statistics as related to China — for example, exports from the West, from Japan, from Germany to China — you will see that the growth rates are very healthy,” Mobius tells Fortune. He says the poor performance of the Chinese stock market this year is due in large part to a boom in initial public offerings, which draws money from the secondary market and leads to stocks underperforming.

Mobius is also high on energy, particularly coal and oil, thanks to increasing demand for power around the globe. “All the fears about commodity prices declining have been overdone,” he says. “Over the long term, the trends are very clear: Commodity prices will continue to rise.”

Mobius also talks about why he thinks the European debt crisis will be remedied, and about some developing markets he likes in that region. And he also discusses some high-dividend developing market plays.