Best way may be through an international ETF that targets the Chinese market.
A couple of caveats. Yes, China is hot. However, the Chinese stock market is strictly government-regulated. For example, shorting stocks is strictly forbidden, and unfortunately, that has lead to stock bubbles where some have lost fortunes. Despite the fact that you can't short.
Also, the Chinese market is not easy to put your money directly into. In many cases, I think the Chinese government can and will actually forbid direct outside investments. However, you can either make a play on an ETF or with stock ADRs.
As to what they want, why yes, they do want something from us Americans. Our consumer demand again.
Seriously though, did you know that China is also one of the world's biggest buyers in scrap metal and power utility equipment and supplies? And American is one of their chief suppliers?
Kind of a strange commodity play until you realize that China is trying to modernize the country by, among other things, provide electricity into more rural parts of the country. (Modernizing also makes it easier for the government to assert more control towards the rural population; something that was difficult for them to do in the past.) And scrap metal? Raw material for their own domestic market, as well as for finished goods that they will sell back to us.
However, these two commodity plays are on American companies that deal with Chinese buyers, rather than investing in Chinese companies. However, I think that's a very reasonable alternative considering that US companies are easier and safer to invest in. Seriously, I think an indirect China play can be just as viable of an option as a direct one. It's certainly worth considering.
I'll never forget Warren Buffet's PetroChina play. He made a bundle on that one, but he didn't stay for long either. Bought and sold it within a year or so I think. Very uncharacteristic of him. Perhaps it just also goes to show the level of risk that may be present there, not just the rewards.
Good luck!