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"No area has attracted more interest than China since the beginning of 'Mad Money,'" Jim Cramer told viewers on Wednesday.

Cramer said he believes that China is a "nasty" place to invest in because it has a government that Cramer doesn't trust. But because it's the week of his 500th show, despite his reticence to invest there, Cramer said he's giving his viewers what they want.

So, on this night only, kicking and screaming, Cramer is telling people how to play China so they do it right.

Cramer, who dedicated Tuesday's entire show to big pharma, said that tonight, he's going to give people a double dose of Chinese stocks: the stable, reliable variety and the risky, exciting and speculative names.

But he stressed that market players must wait for a pullback before buying any of these stocks.

Cramer named


(CEO) - Get Report


China Mobile

(CHL) - Get Report



(SSW) - Get Report

as his "big three Chinese plays."

"Don't buy these now," he reiterated. "Wait for weakness, then buy."

CEO is the No. 1 offshore driller in China and is partly owned by the Chinese government, which means it has "serious anticompetitive advantages," Cramer said.

Plus, in 2008 and 2009, the company should have a 30% increase in production. Although CEO's 3.2 % yield isn't comparable to the 10-Year Treasury's, the stock should see some upside if buyers purchase the stock after it pulls back, he said.

Moving on, CHL has 68% of all the mobile subscriptions in China, Cramer said. Although there are rumors that the wireless industry in China could be restructured, it could take years for CHL to lose its market leading position, he said.

In addition, it's promising that the wireless penetration is expected to double in the country in the next few years.

For a Chinese stock with a big dividend, Cramer suggested that investors take a look at SSW, a play with a 6% yield. This company, he said, is a play on the Chinese trade surplus. It is the largest company in its industry, and it's making money "hand over fist."

Image placeholder title

Cramer said he wouldn't be venturing into China to invest in any stocks, including these three, for his charitable trust,

Action Alerts PLUS, but if people are adamant about investing in that country, they should consider CEO, CHL and SSW.

Mad Mail

In his "Mad Mail" segment, Cramer told a viewer that since the


has decided not to ease rates, other than a couple of select retail names, such as


(GME) - Get Report


Sears Holdings


(which he owns for his charitable trust) and maybe



, retail is not for him right now.

Responding to another mailer, Cramer said he considers

Yamana Gold

(AUY) - Get Report

"the only gold company that is not a speculation" that he would recommend on his show.

Am I Diversified?

In his "Am I Diversified?" segment, Cramer's first caller said he owned the following five stocks:


(BA) - Get Report



(GOOG) - Get Report



(KO) - Get Report


Toyota Motor

(TM) - Get Report

, a stock Cramer owns for his charitable trust.

Cramer called the portfolio "diversificated."

The second player called out the following five names:


(DELL) - Get Report



(AAPL) - Get Report

,Toyota Motor,


(HAL) - Get Report

andSears, the latter three which Cramer owns for his

Action Alerts PLUS portfolio.

Cramer called out a pair in Apple and Dell and said that as much as he likes Dell, it's a sell here.

Cramer's last caller asked if he was diversified with these five:

Lockheed Martin

(LMT) - Get Report


Bank of America

(BAC) - Get Report



(VZ) - Get Report



(AZN) - Get Report

and Halliburton.

Cramer told the caller that his portfolio was indeed diversified.

On Spec

Speculative plays are risky by nature, but buying a speculative stock in China is even riskier than buying the normal speculative stock, Cramer told viewers.

He called out two Chinese advertising stocks as his top speculative picks in the country:

Focus Media

( FMCN) and

(BIDU) - Get Report


Specializing in LCD displays, built-in displays and digital billboards, Focus Media is the largest display-advertising company in the country. Moreover, it has "major momentum" and "consistently" raises its numbers, Cramer said.

Meanwhile, Baidu is the only company "beating


at its own game," he said. The company's market cap is 1/125th of Google's, which is "ridiculously low," Cramer added.

Baidu's price may seem high because it's had a huge run and just raised guidance, but its potential for growth means it could be still be "incredibly undervalued."

That said, Cramer let viewers know that he wouldn't be buying either of these two himself for any reason.

Lightning Round

Cramer was bullish on

Great Lakes Dredge & Dock

(GLDD) - Get Report


Gerdau AmeriSteel

( GNA),

Allegheny Technologies

(ATI) - Get Report


Reliance Steel

(RS) - Get Report



(HAL) - Get Report


Air Products & Chemicals

(APD) - Get Report



(CELG) - Get Report






(GME) - Get Report


Sears Holdings




( OXPS),

Jack in the Box

( JBX),

Chipotle Mexican Grill

(CMG) - Get Report


Steel Dynamics

(STLD) - Get Report





Cramer was bearish on

Allis-Chalmers Energy

( ALY),

Aventine Renewable Energy

( AVR),

Warner Music Group

( WMG),

Seagate Technology

(STX) - Get Report



( CMGI).

For more of Cramer's insights during the Lightning Round, click here


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At the time of publication, Cramer was long Halliburton, Toyota Motor and Sears Holdings.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for, Inc., and CNBC, and a director and co-founder of All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.