Stock Investors Play The China Card; Riding A Raft Of Stellar ADRs; Optimism and opportunity abound in fastest-growing economy, but risks do too.(A)

Byline: JONAH KERI

Relaxed government controls and a rush toward industrialization have spawned an unprecedented economic boom in mainland China -- and moneymaking manna for investors.

The boom is a long time coming for the nation of 1.3 billion people. Wall Street has banged the drum for China as a source of huge growth and investment possibilities for what seems like forever.

But after several false starts, China seems to have arrived. Government has started to stabilize, slowly but surely. Major corporations, while still largely controlled by the state, have parlayed relaxed controls into new growth.

The building of China's infrastructure has been the biggest boon. Stroll through Shanghai, Beijing and other major cities, and necks strain from gawking at cranes erecting skyscrapers. New roads and bridges are snaking in every direction. Dot-coms are popping up all over as pent-up Web demand mushrooms by the day.

The companies keyed into that building -- the steel providers, petrochemical firms, power companies and tech upstarts -- are rising. Their growth has spawned a new generation of industry and stock market leaders.

"We were recently in Beijing, Xian, Shanghai, and we were just amazed," said Tim Halter, head of Halter Financial Group. "I was at an intersection in a cab, so I just start counting; there were 14 high-rise cranes at one intersection that I could count. It's unbelievable the growth going on and people's optimism and understanding of what's happening to them. They're living in a historic moment, and they're aware of it."