Will China live up to the hype? In the 1980s, the financial press was packed with stories about the rise of Japan Inc., and the inevitable fall of American business. The pundits' predictions proved backwards, however, as the U.S. economy soared and Japan fell into a funk in the 1990s. Fast forward to the start of the 21st century and China has captured the imagination of the media, complete with a similar set of stories and articles dominating the airwaves. And as evidenced by the fantastic voyage of Chinese Internet stocks like Baidu.com ( BIDU), the idea of China as world-beater has taken root in the investing public. In order to find out whether the opportunities in China are deserving of all the attention, TheStreet.com sat down with Wilfred Sit, portfolio manager for The Greater China Fund ( GCH) to get his thoughts on the matter. To view Gregg Greenberg's StreetWatch interview with Sit, click here .