NEW YORK (TheStreet) -- Despite sharp drops in Chinese markets, there are still Chinese companies that are good buys. And judging by the second quarter results of several major American companies, Chinese consumers are more than holding their own.

As a result, investors should buy the shares of Ctrip.com (CTRP - Get Report), and Qunar Cayman Islands (QUNR), two online travel agencies that are the Chinese counterparts of Priceline (PCLN) and Expedia  (EXPE - Get Report). The shares of Ctrip.com and Qunar have dropped sharply in recent months, but both companies should benefit from the continued strength of Chinese consumers, making the stocks attractive following their declines. 

Apple (AAPL - Get Reportreported that its China revenue more than doubled last quarter to $13.2 billion, versus just $6 billion during the same period a year earlier. Starbucks (SBUX - Get Report) said that the comparative sales of its China Asia Pacific region, which includes China and Japan, surged 11% last quarter, while its comps within China rose by an even greater amount.

The number of vehicles sold on a wholesale basis by General Motors' (GM - Get Report) Chinese joint ventures increased just 1.5% last quarter versus the same period a year earlier. But the automaker sold a record 1.7 million vehicles in China in the first half of the year, and its sales of SUVs have surged 83% in 2015, helping its margins to rise in 2015 versus 2014. GM expects industrywide auto sales in China to rise by low- to mid-single-digit percentages this year.

Meanwhile, a couple of companies that have faced strong headwinds in China showed some signs of progress last quarter. The profit of Las Vegas Sands' (LVS - Get Report) China unit exceeded expectations, and the China comparative sales of Yum! Brands (YUM - Get Report) fell 10% last quarter versus the same period a year earlier. However, that was an improvement over the 12% year-over-year decline that Yum experienced in the first quarter. Moreover, the fast food conglomerate, which is still feeling the effects of a 2014 food safety scandal, said that it expects its China business to deliver strong results in the second half of 2015.

Of course, the outlook for Chinese consumers isn't totally sanguine. GM said it was seeing volatility in the country following the steep decline of its stock market, and the company called the environment in China "difficult." And McDonald's (MCD - Get Reportstruggled in the Asian country last quarter.

Still, given what Apple, Starbucks, and GM have told us about the their sales in China, it's hard to believe that the country's economy is "stalling out" or that its "downturn could now throw Asian manufacturing into reverse," as commentators have recently suggested.

Rather, what seems to be happening is that the country is achieving its goal of generating more of its economic growth from domestic consumption and less of it from exports and investment. According to the BBC, consumption accounted for 3.8 percentage points of the country's GDP growth in the first quarter of 2015, while investment generated 3.6 percentage points of that growth. Net exports contributed no growth, the news agency added. Consumption now accounts for more than half of China's GDP up from just 35% in 2009, the BBC noted.

That data and the results of the major companies described above indicate that Chinese consumer spending is strong, even if the country's overall economy shows some signs of strains as its exports weaken.

But since many pundits have expressed fears about a crash of the Chinese economy, such fears are probably reflected in the stocks of Qunar and Ctrip.com. 

Indeed, Qunar's stock is down about 25% since May 21, while Ctrip.com's shares have dropped about 20% since May 22. 

Commentators are ignoring the obvious resilience of Chinese consumers, and investors should take advantage of their oversight by buying the shares of Qunar and Ctrip.com.  

 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.