If you've ever visited the Big Apple, you've probably seen sidewalk vendors peddling knock-off Gucci and Prada purses. For most Western law experts, a folding table full of those imitation products is a perfect metaphor for China's rather lax business law. The emerging economy suffers from widespread piracy, corruption and downright shady business practices.

So the world is holding its breath as the iconic soft drink company Coca-Cola (KO) seeks approval from the Chinese government for a $2.5 billion buyout of juice maker Huiyuan. Investors, economists and lawyers are all closely watching the case, which is the first real test of "antitrust law" in China. Some people think outcry over losing a beloved domestic brand to a foreign company could cause some problems, but most experts are cautiously optimistic.

I'll also be closely watching these events, because China plays a very large role in my Global Growth investment strategy. I know firsthand how careful you have to be when investing in an emerging market like China, and have been very selective with the stocks I have bought there.

But being selective has paid big dividends! My current subscribers are sitting on a gain of almost 20% in the Chinese internet company Sohu.com (SOHU), and cashed out gains of more than 30% in the telecom firm China Mobile (CHL) earlier this year!

Read more about the importance of global investing in my investors library, or sign up for Global Growth today to experience profits that beat the market 10-to-1!