This post is part of a 12 articles feature on the best bets for investing in China. To see all the other recommendations in this special report, click here.

"Amidst all the concern about the U.S. economy and stock market, investors may gain some solace, as well as profits, by looking east-to China, where there are signs the huge government stimulus is bearing fruit," explains Stephen Leeb.

In The Complete Investor, he adds, "For income investors, it makes good sense to own carefully selected dividend-generating Chinese securities such as PetroChina (NYSE: PTR) and China National Offshore Oil Corp. (NYSE: CEO).

Here, the growth and income advisor reviews the two Asian energy plays.

"We all know that China is the world's fastest-growing major economy, and one with an unquenchable thirst for energy," notes Mark Skousen, economist, author, professor at Columbia University Business School, and newsletter editor .

In his Hedge Fund Trader Alert, he states, "And CNOOC Ltd. (NYSE: CEO) is busy supplying it." CNOOC, based in Hong Kong, explores and develops oil and natural gas in China.

The company, Skousen points out, has four oil production facilities offshore, including Bohai Bay, western south China Sea, eastern south China Sea, and east China Sea. It has offshore facilities in Indonesia and other assets in Africa and Australia. Skousen notes that this is a major oil company, with a $40.7 billion market cap and proven oil reserves that top 2.53 billion barrels.

The advisor notes, "CNOOC is in great financial shape with $4.7 billion in cash and negligible debt. And this stock is cheap, selling at just ten times earnings and yielding 3.7%. Given the breakneck growth in China and the company's 48% profit margins, this is pretty surprising."

And, says Skousen, "I'm not the only one who thinks this stock is cheap. CNOOC is a major holding of Renassiance Technologies, a New York-based hedge fund with excellent returns." Overall, he concludes, CNOOC is a buy at current levels. And for speculators wishing to play this idea more aggressively with options, he suggests the CNOOC September $100 calls.

For more stock picks from the leading financial newsletter advisors, visit Steven Halpern's free daily website, TheStockAdvisors.com.