Even so, this is no longer the old Happy Meal economy of the 1980s, making toys and sneakers. China wants to be known as the guys who make the world’s greatest lithium batteries for electric cars. They want to turn their 1.3 billion population into consumers.

“No one would have told you ten years ago that Samsung TVs would sell better than Sony’s,” said Joohee An, a portfolio manager at Mirae Asset in Hong Khong. “They do now. Samsung is number one in that space. China is going to make companies like this. We’re looking for them.”

Investors that still have a thing for China, despite ridiculously bad returns for the China exchange traded funds, all love the China consumer. Just last week, service sector PMI rose slightly to over 51 while manufacturing PMI has since fallen below 50. Retails sales are growing at a clip of somewhere between 12% and 14% quarter over quarter. T’hat’s where investors need to be.

“All the critics are concerned,” said Andrew Wang, co-founder of Runnymede, a Morris Town, NJ based investment advisor with $268 million under management. “China is looking for new ways of growing and I think the government is moving away from factories and more towards service: education, insurance,” he said, rambling off a list. “I’m sure that many people will be screaming when manufacturing PMI is less than stellar. Or exports slip. They’ll be screaming about a crash. The government is telling you that their longer term goal is to grow the service sector,” Wang said. “You’ve got Chinese companies acquiring service companies around the world now.”