China Fireworks is a reassuring read in turbulent times. As financial titans fall and asset values evaporate, the investor can take refuge in the knowledge that there is still dramatic wealth to be made in the world's fastest-growing economy. Author and money manager Robert Hsu, a self-described 'momentum' advocate and 'one of the leading experts on investing in China's economy', shows the reader the way to those riches and an entirely new level of investing. His confidence in the mainland's possibilities is so great that he calls it the China Miracle. Hsu's umbrella strategy is not to buy and hold but to stay while the going is good and then cut and run. Momentum investing means sticking with a stock on the way up and selling it off once it starts sputtering. His approach is to steer clear of the mainland bourses and follow stock trades on US exchanges, all the while keeping five golden guidelines in mind - to look for double-digit earnings and sales growth, spot firms in defensible market positions, invest in industry leaders, look for high margins and favour entrepreneurs over state-owned enterprises. This is all backed up by information gleaned through his 'boots-on-the-ground' researchers, his history of investment success and command of Putonghua. Hsu is not shy and it is initially tempting for a jaded reader to automatically dismiss the text as irrational exuberance. But it is worth ploughing on past the China 101 history and values lessons to the heart of the matter - the three chapters on buying what China buys, desires and makes. In terms of buying, Hsu suggests that a slowdown in the acquisition of raw materials is unlikely to happen any time soon so large international companies servicing these needs are likely to be worthwhile positions as long as they have not already peaked. Some SOEs may also offer potential in infrastructure as new urban centres emerge across the country. In the desire department, Hsu sees possibilities in the rising affluence of mainland consumers keen to buy new goods and services, specifically 3G services, travel, gambling, education and property. He singles out online travel firm Ctrip and property service company E-House as the kinds of companies the American investor can profit from. Hsu also has some stern words of advice for anybody thinking of eyeing shares in mainland-based contract manufacturers: these companies may be the engine of the economy, but they do not have the qualities needed to make them valuable - sustainable growth in a growth industry, a product that is difficult to pirate or a strong position in a heavily regulated industry. Despite being aimed at an American market, China Fireworks offers the individual investor some good general pointers on where to look and what to stay away from. It offers readers a solid introduction to the mainland exchanges and a useful overview of some economic trends driving China's middle class. Hsu does the reader a service by avoiding glib references to Mao Zedong and examining diverse businesses shaping and meeting the needs and aspirations of the mainland's myriad people.