If you think the rally in the U.S. is impressive, check out China. Stocks there are moving higher on the heels of a massive stimulus plan that, unlike the U.S., is directed at production instead of the funny money on Wall Street.

One might wonder why China took such drastic measures. After all, its economy is still showing impressive growth well above what we can ever expect to see in this country. It may not be the huge double-digit growth, but growth is growth.

What do we have here? Not much. The economy is currently shrinking, and though growth is expected to return, such growth is likely to be anemic.

For those investors willing to profit from foreign economic growth, China is clearly the place to be. Stocks there dropped hard as the U.S.-led recession spread across the globe. What had been an amazing run over the last few years came crashing down. Although they were down significantly in 2008, China stocks are roaring back to life so far this year.

InvestorPlace’s Robert Hsu has three interesting ways investors can profit from China’s unprecedented boom in economic activity.

China Profit Play #1: E-House (EJ)

E-House (EJ) is the largest real estate services company in China and will be a huge beneficiary of the massive stimulus program there. According to Hsu, the Chinese government provided $730 billion in loans during the first quarter of 2009 with much of that money flowing into the real estate market. No wonder then that E-House shares are up some 143% since November 20, 2008.

After trading above $30 per share in late 2007, E-House shares collapsed with expectations of a major correction in the Chinese economy. In reality, the economy in China never did reach the level of contraction — meaning the $4 low in the stock was way overdone. Now with shares just above $12, the stock is poised to double in value or more.

On a recent trip to China, Hsu noted 4 keys to future success at E-House. The single-most important ingredient is stability in the U.S. A key destination for much of China’s output, strength in the U.S. will bode well for the entire Chinese economy. That strength will translate into impressive business for E-House.

NEXT: China Profit Play #2…

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China Profit Play #2: Buy State-Owned Enterprises (SOEs)

The idea of nationalization is taboo in the United Stated, but in China it can be a fantastic path to investment profits. Why not ride the coattails of the government taking a cut for yourself in your portfolio? It makes sense to me.

In fact, if you look at some of the stocks rallying here domestically, perhaps that whole nationalization thing is not so bad after all.

As for China, investors can buy a bundle of state-owned enterprises (SOEs) via a closed end fund or buy individual SOEs on their own. Hsu currently recommends the Morgan Stanley China A-Share Fund (CAF).

As for individual names, Hsu suggests China Aluminum (ACH), China Southern Airlines (ZNH) and CNOOC (CEO). All of these businesses are critical to the success of China’s economy, and as such they all have the complete support of the government. That is a powerful insurance policy against failure and a great partner for future growth.

China Profit Play #3: Invest in Double-Digit Economic Growth

In short order China can be expected to run at a double-digit clip. At that rate, it is a sound investment approach to invest in growth. Businesses that tap into that growth should be rewarded with higher stock prices. At the center of that growth is the consumer.

Recently, Hsu recommended that investors take a look at China Digital TV Holding Co. (STV). The impetus for that recommendation comes from the expected move away from analog signals to digital. Subscribers to digital are expected to grow from 45 million in 2008 to 110.5 million in 2011. STV can be expected to benefit from that three-year 145% growth.

As impressive as the rally here in the U.S. has been, the Chinese boom is even more so. Don’t miss out — get two more top China stocks here.