It’s a familiar dilemma for U.S. investors. With the U.S. economy being stuck in low gear, delivering a paltry 1.3% growth in the second quarter of the year, investors are looking elsewhere for great returns. A great place to start is China.

China has been delivering terrific growth — in the second quarter, its economy grew 9.5%, which was five times the rate of the U.S. economy’s growth in the same period. But investing in China also carries risks for the average investor. A case in point is Chinese companies making headlines recently for fraudulent accounting practices. Just this past July, China Electric Motor (OTC: CELM) joined Longtop (NYSE: LFT) on a list with 15 other Chinese firms being investigated for accounting fraud.

U.S. investors who try to venture in the Chinese market also face risks from currency fluctuations, inflation and government policies that are not always shareholder-friendly. Just getting accurate, reliable information on Chinese stocks can be a real challenge.

So, how can you reap the benefits of China’s growth while avoiding most of the risks? One of the most efficient ways is to invest in U.S. companies that make a large portion of their sales in China. With this strategy, you combine the safety of a U.S. stock with China-sized growth opportunity.

Here are three blue-chip U.S. companies that have large, established presences in China.

1. Intel Corp. (Nasdaq: INTC)
Yield: 4%
Intel is the world’s largest semiconductor chip maker. Its processors run more than 80% of the world’s PCs. The company is outperforming its peers this year, primarily because it has more of its sales coming from emerging markets. Intel currently gets nearly 60% of its annual sales from Asia, an improvement from just over 50% seen two years ago. The company’s Asian sales grew 29% last year to $25 billion, compared with the year-ago period.

PC sales are heating up in China, where penetration is low and affordability is rapidly improving. China ranked second in the world in PC sales in 2010 and is expected to be first by 2012. Needless to say, Intel has become a major beneficiary of this trend.

Intel posted its fifth consecutive quarter of record revenue in this year’s second quarter. Sales improved 22% to $13.1 billion compared with the same period last year, while earnings per share climbed 16% to $0.59. More importantly, Intel is sharing the wealth with investors through dividend expansion. In May, the company hiked the dividend 16% to a $0.84 annual rate — its second dividend increase in only six months. Intel has raised distributions eight years in a row. It also doesn’t hurt to know Peter Lynch would love Intel, as I’ve explained in this article.

2. H.J. Heinz (NYSE: HNZ)
Yield: 4%
Foodmaker Heinz is also focusing on emerging markets to bolster its bottom line. Best known in the United States for its ketchup, Heinz has a major international presence in more than 50 countries with its sauces, frozen food, beans, pasta meals and other food products. The company is targeting gains in emerging markets because consumer spending and the middle class are expanding and creating a much larger customer base. In November 2010, Heinz increased its foothold in China by acquiring Foodstar, a leading maker of premium soy sauce with annual sales of nearly $100 million.

The company’s balance sheet is very solid. Earnings per share grew 7% in fiscal 2011 to $3.06 a share, on record sales of $10.7 billion. Organic sales from emerging markets grew 14.4% due to record sales of Heinz baby food in China, Complan and Glucon-D nutritional beverages in India and ABC sauces in Indonesia. Heinz generates 16% of sales from emerging markets, which is up from just 9% five years ago. The company expects emerging markets to make up at least 20% of sales in fiscal 2012 and 30% by fiscal 2016.

Heinz has paid a cash dividend every year since 1911 and has raised payout nearly 80% in the past seven years. The company increased the dividend 7% in May to a $1.92 annual rate.

3. PepsiCo (NYSE: PEP)
Yield: 3%
Soft-drink maker PepsiCo has 19 brands that generate more than $1 billion in yearly sales, led by Pepsi-Cola, Mountain Dew, Lay’s potato chips, Gatorade and Tropicana juices. The company generates nearly 30% of sales from emerging markets — more than any other major U.S. food or beverage producer (with the possible exception of Coke (NYSE: KO), which doesn’t break out sales by region).

PepsiCo posted an 18% year-over-year increase in second-quarter earnings to $1.9 billion, as a result of a 14% sales growth, which was above analyst forecasts. Sales gains were particularly robust in Asian markets such as China and India, which led the way with double-digit volume increases for snacks and beverages. PepsiCo is so confident in its growth opportunities in China that it is doubling production capacity by building 14 new beverage plants in that country.

PepsiCo hiked the dividend 7% in May to a $2.06 annual rate. This was the company’s 39th straight year of dividend growth. Through $2.5 billion of share repurchases, Pepsi expects to deliver a “total yield” — dividends plus buybacks — of 6% this year. Dividends have grown by 11% a year for the past five years. At this rate, it could double in a decade. PepsiCo shares currently yield about 3.3% — much higher than 10-year Treasuries, which yield just 2.4%.

Action to Take –> Any of these stocks are suitable for most investors. My top pick for those wanting to have investment exposure to China is Intel. Of the three stocks named, Intel offers the best yield and fastest growth opportunity in the region. Besides its large size and solid fundamentals, Intel is forecast to grow earnings 11% a year for the next five years. In comparison, PepsiCo’s growth is forecast at 9% and Heinz’s at 8%.

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