This post is part of a special report, Global advisors look to China.

"Asian markets now trade at valuations below those of other recession periods, yet investors remain extremely negative and unwilling to buy growth," says Asian stock specialist Yiannis Mostrous.

The editor of The Silk Road Investor explains, "This combination will allow prudent bargain-hunters to position themselves for the next cycle." Here, he looks at one Asian favorite -- Taiwan Semiconductor (NYSE: TSM).

This post is part of a special report, Global advisors look to China.

Two leading advisors -- both with a noted focus on technical analysis -- look to Shanghai-based Shanda Interactive (NASDAQ: SNDA).

In his Ticker Tape Digest advisory service, Leo Fasciocco focuses on stocks breaking out of basing patterns and cconsiders Shanda a breakout buy.

This post is part of a special report, Global advisors look to China.

"SPDR S&P China (NYSE: GXC) is our favorite ETF among more speculative contrarian ideas," fund expert Mark Salzinger.

In The Investor's ETF Report, he explains, "Worries over China's economic growth in the face of global recession savaged Chinese stocks in 2008; GXC fell 48.8% from admittedly stratospheric valuations. Now, though, GXC trades at a price/earnings ratio of only 10.7.

This post is part of a special report, Global advisors look to China.

"Bull markets are born in the pits of despair; from current low stock prices and low PE valuations, the gains over the coming 5 to 10 years could be truly spectacular," says Tom Bishop.

In his BI Research, the small cap growth specialist looks at two stocks that are based in China and set to benefit from China's stimulus program: energy efficiency play, SmartHeat (NASDAQ: HEAT) and medical diagnostics firm, Mindray Medical (NYSE: MR).

This post is part of a special report, Global advisors look to China.

"It's not often you find a company trading at about $3 that has more than $5 per share in cash," says Nathan Slaughter, referring to Nam Tai Electronics (NYSE: NTE).

Here's his review from Half-Priced Stocks he suggests, "Nam Tai is a textbook example of a company that has been beaten up and left for dead." Here's his assessment.

This post is part of a special report, Global advisors look to China.

"Sure, China is slowing down along with the rest of the global economy; but it's still growing faster than everyone else," says Mark Skousen.

In his specialized service, High Income Alert, he looks to Huaneng Power (NYSE: HNP), "This power product is an excellent, recession-resistant China play. And we'll be collecting a 6.5% dividend too."

Skousen explains, "China's Premier Wen Jiabao's goal is 8% annual growth. He may not achieve it. But the outlook for certain industries -- especially utilities -- remains robust.

With its own economic stimulus program in place, a relatively stable banking system, and a stock market that has been resilient in recent months, numerous leading global investment advisors are looking bullishly towards China.

From technology to power, and from individual stocks to ETFs, and from Hong Kong to Taiwan to mainland China, we turn to seven leading advisors for their favorite ways for US investors to take a stake in Asia.

"Well managed, dominant firms use downturns to become more powerful -- and that's definitely what Telefonica (NYSE: TEF) is up to," says Roger Conrad in The Utility Forecaster.

"Incorporated in 1924 as a unit of US-based ITT, the Spain-based company now serves 47 million customers in its home country, 150 million in 14 Latin American nations and 45 million elsewhere in Europe.

"Thus far in the recession, diversity and dominance of fast-growing markets has kept Telefonica growing. Overall global customer rolls increased by 15.2% through the third quarter 2008.

With all the media buildup leading up to the Olympic Games in Beijing this past summer, just about everyone and their brother was bullish on the China/India emerging market theme.

"Chindia," as it was coined, was supposed to be the next great economic wonder.

The belief that these markets did not need American demand swept international investment circles. Forecasts of double-digit GDP growth continuing for the next several years became the mantra of emerging market funds, and Wall Street analysts got caught up in the commodity bubble, which burst a month before the Olympic torch was lit.

The widely held belief of global economists was that these two sleeping giant economies would lap America in a matter of a few years, as per all the economic extrapolations and white papers published leading up to the Summer Games.

Stocks like Baidu.com (NASDAQ: BIDU), China Mobil (NYSE: CHL), China Life (NYSE: LFC), Huaneng Power (NYSE: HNP), PetroChina (NYSE: PTR), Infosys (NASDAQ: INFY) and Reliance Industries (not listed) seemed bulletproof given the revenue and earnings models being floated by the Chindia bulls.

Many people believed the Beijing Olympics would spark a multi-year bull market for China.

Leading up to the summer Olympics, the best think tanks in the world were putting out glowing reports of a new juggernaut economy that would lap the United States in a few short years.

At the start of the games, the Chinese market quickly came unglued.

Several ETFs that gave investors indexed exposure to Chinese stocks saw their values get hit for as much as 70%.

The iShares Xinhua/FTSE China 25 Index Fund (NYSE: FXI), which was listed by Barclays Global Investors in October 2004, is the most widely traded of all the China-related securities listed in the United States.

The ETF gained 83% in 2006 alone, but the bull run came to a sudden end in late 2007, and the ETF suffered a massive correction.

The FXI saw its shares dive by 50% in the months following the Olympics.

Ouch!

Bryan Perry is a contributor to OptionsZone.com.

"Although I am not a big fan of either technology stocks or Chinese stocks, bear markets do create opportunities -- such as Sohu.com. (NASDAQ: SOHU), says Jack Adamo.

In his Jack Adamo's Insiders Plus newsletter, the advisor reviews Sohu.com, the second-largest internet search engine company in China.

"In recent quarters, it has made 42% of its revenues from search and display advertising; the rest comes from online gaming and wireless services. Earnings in the September quarter grew by more than fourfold year-over-year.

"With the Olympics over and the economy slowing to an expected GDP rate of 7%, earnings growth at Sohu is expected to slow as well. The last few quarters bear that out. But even in the slowing environment, earnings were up 14% compared to the June quarter.

"For a Chinese stock, this may be considered to be a relatively slow grower, but the price is right. Selling at less than 10-times earnings, you'd be hard pressed to find a better buy among well-established Chinese companies.

"China places high value on education, making New Oriental Education & Technology Group (NYSE: EDU) somewhat defensive in a growth-stunted economy," says Chris Rowe. (Incidentally, we reviewed two U.S. education stocks in a post yesterday.)

Meanwhile, in The Tycoon Report, Rowe explains, "We believe a slowing global economy will have minimal impact on the education sector in China." Here's his review of this firm, which operates English language schools.

"New Oriental Education is a rapidly growing company that provides private educational services to over 1.3 million students via 207 school centers, primarily in the People's Republic of China. They help privately prepare Chinese for admission tests to foreign universities emphasizing English.

"It offers its program, service, and products in six areas: language training; test preparation; primary and secondary school; educational content, software, and other technology development and distribution; online education; and other services and products.

"I consider the stock to be somewhat defensive in a growth-stunted economy. And while you may be able to make large short-term profits on this stocks, the goal in this recommendation is to be very long-term holders.

"We are seeing quality names at fire-sale prices, and I think you must take advantage of that," says income expert Nilus Mattive in Dividend Superstars. Here's a trio of favorites.

"Pfizer (NYSE: PFE) recently reported great third-quarter results. The company tripled its profits from the same period a year ago. While last year's results were hurt by a one-time charge, Pfizer is obviously seeing continued demand for most of its drugs.

"I consider the stock dirt cheap, and while there is a slim chance of a dividend reduction, the shares absolutely belong in your long-term income portfolio at this level.

"I feel the same way about General Electric (NYSE: GE). While profits were down 22% this quarter, the company still boasts a AAA credit rating and a very attractive yield. It is a solid long-term income holding.

"Huaneng Power (NYSE: HNP) has been punished along with the rest of China's stocks. But things are going well on the fundamental front. The company increased its power generation 12.7% in the first three quarters of 2008, and revenues gained 36.8% over the same period a year earlier.

"It may post a loss because coal prices remain elevated, but I remain bullish on the company's long-term prospects, and consider it the best dividend-paying Chinese stock to own."

Steven Halpern's TheStockAdvisors.com offers a daily look at the latest market commentary and favorite stock picks and investment ideas from the nation's leading financial newsletter advisors.

"WuXi PharmaTech (Cayman) Inc. (NYSE: WX) provides laboratory and manufacturing services for the drug and medical device R&D process," notes China stock specialist Jim Trippon.

In his The China Stock Digest, he explains, "Because Chinese researchers receive much smaller paychecks than their Western counterparts, Shanghai-based WuXi is able to lower the cost of this research." Here's his review.

"We have often heard major Western pharmaceutical companies complain of the extraordinary cost of discovering and developing drugs.

"More costly than the laboratory infrastructure is the burden of paying for armies of highly trained, highly paid chemists, researchers, analysts and physicians. WuXi has become the secret weapon of many big name global pharmaceutical companies.

"China educates tens of thousands of engineers, chemists and technologists, and outsourcing that expertise has become a growth industry. WuXi became a leader in this trend in 2000 and has gone on to attract an impressive roster of clients.

"The firm's senior management team consists of Ph.D.s and MBAs with experience in drug and medical device R&D. Wuxi management has more than 200 patents pending or granted, and has published more than 800 scientific publications.

"I think now is a particularly opportune time to buy the world's largest fast-food company, YUM! Brands (NYSE: YUM) ," says Louis Basenese.

The associate investment director and contributing editor to The Oxford Club observes, "YUM Brands operates 35,000 restaurants under the KFC, Taco Bell and Pizza Hut brands." Here's his review of the firm's outlook, including its expanding role in China.

"For starters, YUM keeps extending its streak of impressive results. For the seventh quarter in a row it beat expectations. Earnings per share increased 16% for the quarter and 28% year-to-date. Not to be overlooked either is the fact YUM raised guidance. Again.

"This quarter, fewer than 5% of companies in the S&P 500 can boast this triple whammy (beating earnings and revenue estimates and raising guidance). Ironically, while most of the other triple-whammy stocks enjoyed hefty single- and double-digit run-ups on the announcements, YUM sold off.

"And here's where I think most investors are missing the boat, and once again focusing too heavily on the short term. Yes, YUM's in a pinch. Food costs are rising and consumers are spending less.