The size of the economy is but one factor in determining the return on the private equity capital in that economy. As you know, the Chinese system is quite different with respect to the aggregation, allocation, and returns allowed on private capital.
As for implementation, you could lean toward the WisdomTree etf that backs out the state owned enterprises (XSOE?). I might check it out if I were going to look for an a-la carte Chinese product...but I'm not. I'm sure Blackrock has a single country ETF for china. Alternatively, you could overweight emerging markets pretty cheaply via like VWO or IEMG (I think the main difference is whether they treat South Korea as emerging).
I could see one thinking that this new-era, high-value, FANG mentality, and movement in the greenback has gone too far and some of those more basic, developing-markets industries, and currencies are relatively cheap. GMO and RAFI have published lots of stuff about it, which I have touched upon a few times on my blog. I would probably want get some of the less communist/controlled emerging economies like maybe Brazil and India in my basket though.