The iShares FTSE/Xinhua China 25 Index fund is an ETF that represents a pure play on China. The Index makes up the performance of the largest companies in the Chinese equity market that are available to international investors.

PowerShares Golden Dragon Halter USX China Portfolio is a large-cap growth play on China. The PGJ invests in companies that are listed in the U.S. stock market and derive a majority of their revenue from China. The top five holdings are Aluminum Corp (ACH), Baidu.com (BIDU), China Life (LFC), China Mobile (CHL) and China Petroleum & Chemical (SNP).

SPDR S&P China ETF (GXC) is an exchange-traded fund that holds Chinese stocks. The top five holdings include Bank of China, China Construction Bank, China Life Insurance (LFC), China Mobile (CHL) and China Petroleum & Chemical (SNP).

China's strong demand for agricultural commodities could push this ETF higher. Market Vectors-Agribusiness ETF (MOO) is a truly global index with about 50% exposure to non-U.S. companies. The MOO ETF tracks the DAX Global Agribusiness index.

Playing China could be best done by investing in small cap stocks. One way to minimize the risk is by investing in a small-cap ETF. The Claymore/AlphaShares China Small Cap Index ETF is designed to measure and monitor the performance of the publicly traded mainland China-based, small-capitalization companies. One of the benefits of the China Small Cap Index ETF is its asset allocation. Approximately a quarter of the fund is allocated to consumer goods and consumer services.

Another way investors can play China is with the Claymore/AlphaShares China Real Estate ETF. The Index is designed to measure and monitor the performance of the investable universe of publicly traded companies and real estate investment trusts (REITs) from real estate development, management and/or ownership of property in China.

Another great way to play China is with the iShares MSCI Hong Kong Index Fund. This ETF seeks to provide investment results that correspond to the price and yield performance, before fees and expenses, of publicly traded securities in the aggregate in the Hong Kong market, as measured by the MSCI Hong Kong Index.

If you want to bet against the Chinese stock market the ProShares UltraShort FTSE/Xinhua China 25 is the way to go. The FXP seeks daily investment results that correspond to twice the inverse daily performance of the FTSE/Xinhua China 25 Index.