The Chinese economy is not immune to normal cyclicality but the elasticity of demand for these consumer oriented services looks to be more favorable than most other parts of the Chinese equity market. In the last year the Guggenheim China Technology ETF is up 17% compared to a 3% decline for the iShares China Large Cap ETF. Surprisingly the Global X China Consumer ETF ( CHIQ) has not benefitted from the American aspiration trend. The ETF is down 12% in the last year. The reason for this could be the nearly 40% in more staples oriented segments of the consumer sector like food, beverages and healthcare which don't necessarily capture the Chinese perception of the American lifestyle the way using tech gadgets to surf the internet does. Looking forward the debate over China seems to be how much its economy will slow down. The International Monetary Fund has cut growth estimates for all emerging markets including China but China did report 7.5% GDP growth for the second quarter earlier this week. It is important to maintain some exposure to emerging markets in a diversified portfolio because the segment will again rotate back into favor as it did during the last decade but since there is no way to know when that will happen a small exposure means being there when they do finally turn up. For an investor wanting their emerging exposure to come from China then Guggenheim China Technology ETF would seem to be a good choice because it has done well as the perception of the Chinese miracle has waned. At the time of publication the author held no positions in any of the stocks mentioned.Follow@randomrogerThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.