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The Chinese economy is a hot place to be right now. Last year's excess manufacturing inventory, which served as a negative headwind for the country, is rapidly being worked off as China embarks on several important and lasting growth initiatives specifically targeted at consumer spending.

This helps to explain why the Hang Seng Index has risen about 38% from its March 9 bottom of 11,344.58, compared with a 35% rise for the

S&P 500

. Simply put, the Chinese government, led by Premier Wen Jiabao, has authorized market-friendly stimulus and financial packages with the goal of restoring economic and, more important, political confidence.

So far, it's worked.

While everyone is worrying about where

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or even


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is going, there are other more direct value plays on the Chinese economy and its 1.2 billion people.

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