With such a broad-based economic boom taking place in China, there are many ways to play the dragon. The great thing about industrial revolution is that just about every industry benefits, even when technology changes.

New manufacturing plants need equipment, lighting, energy, cleaning services, etc. When business is expanding there are a lot of spin-off effects.

One company that's benefiting greatly from China's economic growth is China Security & Surveillance Technology, Inc. (NYSE/CSR). I wrote about this company in this column in February of this year and the company is a kind of consolidator in its industry.

China Security manufactures and installs security and surveillance systems through its wholly owned subsidiary, Golden Group Corporation (Shenzhen) Limited. The company has a manufacturing facility located in Shenzhen, China, and a research collaboration agreement with Beijing University.

The company reported that its fourth quarter revenues grew 106% to more than eighty-four million dollars, as compared to revenues of almost forty-one million dollars in the fourth quarter 2006. Of this total, its organic revenues for the fourth quarter were almost

seventy million dollars, or 82% of total sales. Non-organic revenues, which are those revenues generated by acquired companies, totaled approximately fifteen million dollars, or 18% of total revenue, in the fourth quarter 2007.

Net income in the fourth quarter of 2007 grew a substantial 124% to almost fifteen million dollars, or $0.35 per share, up from net income of $6.6 million, or $0.20 per share, in the same quarter last year.

For all of 2007, total revenues increased 124% to over two hundred and forty million dollars, up substantially from revenues of almostone hundred and seven million dollars generated in 2006.

Net income in 2007 grew 54% to more than thirty-five million, or $0.91 per share, up from net income of almost twenty-three million dollars, or $0.85 per share, generated in 2006.

Looking to the first quarter of 2008, China Security expects its revenues to be between sixty-eight million dollars and seventy million dollars. The current estimate for all of 2008 is for total revenues to be between three hundred and fifty million dollars and three hundred and seventy million dollars, representing growth of approximately 50%.

Recently, the company's CEO, Mr. Guo Shen Tu, purchased 151,000 shares of China Security in the open market. He reported that his own personal holding company intends to purchase up to $4.8 million of the company's stock, subject to a maximum price limit of $30.00 per share. I guess he feels his stock is grossly undervalued considering the company's growth prospects.

A lot of U.S.-listed China stocks haven't done that great in recent months because of the correction. The tide is turning for these speculative companies and the growth is, without a doubt, just plain impressive.