China is the most seductive growth story of our age. The most populous nation on earth has already transformed itself into an economic superpower and shows no signs of stopping. Even as the worst slump since the 1930s struck the world in 2009, China kept expanding at a rate that others could only dream of. Understandably, many investors want a piece of this most exciting of emerging markets.

By 2027, Goldman Sachs has estimated that China will leapfrog the US as the world's largest economy. And 25 years after that, it reckons that China's output could be double that of America's. Admittedly, long-range economic forecasting can go spectacularly awry. A century ago, Argentina was the hottest prospect, but never fulfilled its potential. But China is already well on the way.

While rampant GDP growth does not necessarily translate into great investment returns, China's stock market has boomed along with its economy. Over the past decade, the Hang Seng China Enterprises Index has gone up seven times in US dollar terms. By comparison, both the FTSE 100 and S&P 500 are well below where they were 10 years ago.