The Chinese government has announced that it is aiming to achieve 6.5% economic growth for the next five years. The country has sparked increasing levels of concern in the markets over the prospect of economic downturn after growth fell to a two decade low of 7.4 percent last year. Asian shares were down again on Monday following the latest round of weak Chinese manufacturing data.

"Maybe it's time to stop looking at things like the Chinese purchasing managers' index and just start focusing on what the companies are saying," said TheStreet's Jim Cramer.  Chinese officials have now slashed interest rates six times in the last twelve months in a repeated attempt to stimulate the Chinese economy, while the managers' index held at 49.8 points through October (numbers on the scale below 50 indicate contraction).

Cramer said despite the numbers there is still plenty of growth to be found in the Chinese market. "We are hearing from a plethora of companies that send consumer products to China, saying things have really accelerated there," said Cramer, citing MacDonald's (MCD) - Get Report and Alibaba (BABA) - Get Report as beneficiaries of the Chinese marketplace. "They have explained that month after month after month got better and better and better, the last month being the best," he added.

Some analysts are predicting that the manufacturing slump in China is finally bottoming out, as stimulus measures begin to kick in. According to Cramer, consumer goods are the stocks to watch: "You want to buy the Chinese consumer, you don't want to own the manufacturing economy. But don't write China off, the numbers we have been using are too commodity focused," Cramer told TheStreet. "Stay focused on the companies that sell there and remember that market is very robust," he said.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.