"Take for instance guide wires for guiding catheters. If it's used in a procedure, but not left in the patient, they often reprocess it, sterilize it within the facility. But there is no-resale happening," he says.

Is it sustainable?

More importantly for a potential business looking to open the Chinese market, not everyone believes China works. Many predict an impending implosion. James Chanos, a contrarian short-seller (his company's name, Kynikos, is Greek for cynic) who famously bet against Enron, has said that China is "Dubai times 1,000 - or worse." Victor Shih, a China specialist and an assistant professor at Northwestern University, calls China's economy a "Ponzi scheme." According to Forbes, in 2009 China was liable for debts amounting to around 70 percent of its GDP, a staggering number.

But for all the gloom, Glorikian doesn't see China as another Dubai. "GDP for the 4th quarter had 10.7 percent growth. Is it going to drop? It could, for various reasons. But there's just too much happening. I cannot see the bottom dropping out from under it," he says.

As the stimulus money begins to trickle out, analysts are watching what happens. "It will be very interesting to see," Whalen says.


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