BOSTON ( TheStreet) -- Investors looking to tap into China's rapid economic growth are smart to buy U.S. companies in the S&P 500 like Qualcomm (QCOM - Get Report) and Yum! Brands (YUM - Get Report), which derive a large chunk of their revenue from eastern Asia.
China's economic growth slowed to 9.5% in the second quarter from 9.7% in the first. Still, U.S. gross domestic product expanded only 1.9% in the first quarter, according to the most recent report. In other words, China is growing at five times the rate of the U.S., the world's biggest economy.
Investors had grown worried that five straight interest-rate increases would slow the booming growth in the country, and Wednesday's report helped allay some of those concerns and push Asian markets higher.
While the encouraging data from China will likely mean more increases to reserve requirements, which would put a damper on banks' ability to lend, it has also been a welcome distraction from eurozone debt issues. On Tuesday, Moody's downgraded Ireland's government bonds to "junk" status. Fears that Italy, the eurozone's third-largest economy, will be the next country to falter have also put pressure on global markets.For U.S. investors looking to get into China -- or stay there -- one way would be to look at S&P 500 companies that generate much of their sales from the region. The 10 companies with the highest quarterly geographic segment revenue from China are presented below, ranked by the percentage compared to total quarterly revenue.
10. Teradyne (TER) Company Profile: Teradyne provides application of systems technology to practical problems in the design, production and servicing of electronics. Current Share Price: $14.04 Revenue from China Region: About $30 million, or 8% of total revenue, according to Teradyne's latest earnings release in April. Overall, the company had $377.2 million in revenue during the first quarter.