"China's rapid economic expansion and rise to power has been nothing short of phenomenal. It took England nearly two centuries to double its GDP following the Industrial Revolution.

"The U.S. later managed to accomplish the same feat in about 50 years. China has somehow doubled its output in the span of a single decade.

"China isn't just Asia's economic hub. It has literally become the world's growth engine, importing nearly $1 trillion worth of goods last year and exporting far more than that.

"But the China we know today will barely resemble what it might look like five years from now. As you probably know, the government has embarked on a massive spending binge.

"To combat the sagging global economy, Chinese Premier Wen Jiabao orchestrated a massive 4 trillion yuan ($586 billion) stimulus package aimed at loosening credit and slashing taxes.

"China is spending heavily to upgrade housing, water systems, power grids and transportation -- particularly in rural regions. China's bold stimulus plan has breathed new life into the market and triggered a wave of buying throughout the Asian continent.

"For fund investors, there are plenty of ways to participate and one of our favorite ideas is to buy the Templeton Dragon Fund. Manager Mark Mobius has been a foreign investing specialist for over 40 years.

"In that time, he has received some impressive accolades, notching "Closed-End Fund Manager of the Year" awards from both Morningstar and CNBC.

"According to Reuters, Mobius ran the No. 1 emerging markets fund in the country in 1998. Also, Carlson Group named him one of the Top-10 money managers of the 20th century.

"Mobius also has a staff of two dozen talented emerging markets analysts at his disposal. Together, the team scours the Chinese market for companies that are undervalued relative to long-term earnings potential -- evaluating competitive position, raw material costs, profit margins, government regulation and a host of other factors.

"That research has led to a hand-picked portfolio of about 70 stocks representing a broad swath of the Chinese economy, most notably oil and gas, real estate, commercial banking, telecom, utilities and consumer staples.

"The fund has beaten its category peers in seven of the past eight years. Meanwhile, it has topped the broader MSCI EAFE Index just as often -- clocking the benchmark by wide margins of 25% or greater in three of those years.

"While many China funds are just getting their feet wet, TDF has posted impressive annualized gains of +17.4% over the past decade, for a cumulative return of 397% -- enough to quintuple a $20,000 investment into nearly $100,000.

"And right now, you can pick up this well-managed fund at an attractive double-digit discount to net asset value (NAV).

"In the world's economic baseball lineup, China has established itself as a valuable clean-up hitter that anchors our offensive production. That's why even a hint of a slump has the rest of the team worried. But this superstar is most likely headed for another MVP season.

"Over the last decade, Templeton Dragon's annualized returns rank in the top 6% of all Asia Pacific funds -- meaning it has outrun about 19 of every 20 rivals.

"In the meantime, last year's selloff has cooled valuations down to attractive levels -- Shanghai stocks are currently changing hands at just 22.5 times earnings on average. With the reliable Dr. Mobius at the helm, TDF should resume its winning ways."

Steven Halpern's TheStockAdvisors.com offers a free daily overview of the favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.