Most Americans wouldn't be surprised to learn that the city of Xi'an didn't have Internet access in 1994.

Back in those days the only American presence in the ancient Chinese city was the local Kentucky Fried Chicken - and it wasn't alone.

Technology was slow to take hold in a region of Central China more famous for its terra cotta warriors than its economic muscle. Computers were rare and telecommunications even rarer.

But 1994 was the beginning of the change in China. The first glimpse of what a country of 1.3 billion consumers might become as the global economy came of age.

And now, 10 years later, Xi-an bears little resemblance to its former self.

Internet cafes, an explosion of cell phones and round-the-clock construction are the order of the day.

Today's China is quickly becoming the undiscovered frontier of investing. The country's two-year-old status in the World Trade Organization has allowed a steady stream of foreign capital to flow into the country. Hundreds of cranes rush to erect yet another skyscraper in Shanghai.

But the companies that are helping to build this infrastructure are a mystery to most investors.

They are the high tech companies like Netease.com or Nam Tai Electronics, they are the transportation companies like Guanshen Railway or China Eastern Airlines and they are the old companies like PetroChina.

But while American officials like U.S. Trade Representative Robert Zoelllick blast the Asian monolith for trade practices that exclude foreign goods this week, some U.S. investors like Warren Buffet are quietly finding a way to cash in on China's exponential growth, today.

'The economy is doing phenomenally well,' said Tim Halter, managing director of the U.S. China Index, a listing of Chinese-focused companies that are traded in the United States. 'The numbers are exploding.'

But up until recently China's investing landscape was littered with barriers. Markets in Shanghai and Shenzen didn't cater to foreigners. Companies fresh out of a socialized system with no experience in a capitalist economy faltered.

After so much disappointment, investors have learned to step a little more carefully.

The Dallas-based U.S. China Index, which is not a fund but rather a listing service, includes companies that conduct the majority of their business in China and have a market capitalization of more than $50 million.

In February alone the index increased 8.96 percent, to close at 3,092.03. During the same month the Dow Jones Industrial Average increased .91 percent, the Nasdaq was down 1.76 percent and the Shanghai index was up 5.3 percent.

Halter's investment group started the listing after their first Chinese transaction. After returning to the United States, the investment banker went out looking to find an index of all the domestically traded Chinese companies, and found there was no listing.

It was the right niche at the right time.

According to the WTO's own annual trade report, China's trade expansion - both exports and imports - remained outstanding.

In the 1990s, China's trade growth was three times faster than global trade and between 2000 and 2002 its exports and imports rose by 30 percent while world trade stagnated. China was the fourth largest merchandise trader in 2002.

And as with any fledgling economy, there are risks. China, like any other nation, is still subject to political changes that could change the economic landscape overnight. Currency issues surrounding the value of the yuan continue.

But according to Halter, with a little investigation, savvy investors can find some stability in the market.

'There are some risks, but any investor who has a medium- to long-term outlook should have some real success,' Halter said. 'We think China is the best investment out there.'