Despite the lackluster performance of China-focused exchange traded funds (ETFs) so far this year, the country is still primed for takeoff.

Consider this: while the rest of the world is experiencing a credit tightening, China’s lending grew by 22%, the same rate as last year at this time, when China’s economy grew by 12%.

Larry Edelson for Money and Markets reports that China has already undermined the United States as the world’s largest consumer of gold jewelry. Meanwhile, the trade surplus is set to jump 22.2% in 2008 as the country’s dependence on exports shrinks. Capital investment continues to grow even though there were six interest rate hikes last year and 11 jumps in bank reserve requirements since early 2007.

Some of the world’s largest infrastructure projects are now under way in China, paving the way for industrialization. Natural resources and commodities demand will continue to be fed.