Editor's note: This column was submitted by Stockpickr member Faisal Laljee, author of StocksandBlogs.com.I hate to be a party pooper, but the Shanghai Stock Exchange and the excitement surrounding all the recent China stock IPOs reminds me of the Nasdaq exuberance of 2000. Granted, China is growing at a 10% pace, but does that justify the 80 multiple currently sported by the Shanghai Stock Exchange, especially when compared to the meager 16 multiple of the S&P 500? We may be seeing hints today of a more rational market to come -- check out Bubble Fears Circle Chinese Tech Stocks from this morning. It seems as though every day, all day, I see new tickers scroll across my TV screen representing new companies I've never heard of: China Digital TV ( STV), China Natural Resources ( CHNR), China Finance Online ( JRJC) ... the list goes on. Many have no history of earnings. The Chinese market is up 110% so far this year and more than 200% since January 2006. Even stocks like China Mobile ( CHL), China Telecom ( CHA), China Life ( LFC) and Baidu ( BIDU), stocks that actually have an earnings history and have some claim to investor confidence are up like the Ciscos ( CSCO) and Aribas ( ARBA) of the tech bubble. I don't know when the party will end, but it will definitely end unless we see a near-term, decent-sized correction. And when it ends, I would hate to be holding anything that starts with the word China. My recommendation: If you are a gambler, keep betting on China until one day you lose a lot of money. Otherwise, reduce your exposure to China (note I say "reduce" because I don't know when a top will come -- nobody does). Go long Russia ( RSX), India ( IFN), South Africa ( EZA), France and even Indonesia. Alternatively, you can pick up select names in Latin America, Europe, Turkey and Brazil. There are plenty of ways to make 30% to 40% returns a year without the risk of losing your shirt.