Let the pros do the picking

China's growth story is enticing, but profiting from that growth isn't as simple as buying China's version of Google or General Electric . Just like in the United States, fast-growing, high-profit sectors draw competition like flies. So, just like in the United States, yesterday's highflier could be tomorrow's busted stock. But unlike United States stocks, information on Chinese stocks is hard to come by. Most have no analyst coverage, and, depending on where they're listed, the financial reports might be of dubious quality.

Bottom line: Unless you live there or have a staff of analysts that does, making consistent money buying individual Chinese stocks is a tough game.

Mutual funds and exchange-traded funds are the only practical way you can get unfiltered access to China's boom. Since China is a hot item with U.S. investors, investment managers are rolling out new funds and ETFs to capitalize on the trend. So far, though, I know of only nine mutual funds and three ETFs that focus on the country.