Investors who abandon China now will live to regret their decision, says William Patalon III in Money Morning.

William says every successful investor needs a China investing strategy, despite the fact that China’s benchmark index, the Shanghai stock index, is down 56% so far this year.

Following Jim Rogers’ bullish comments on China in a recent exclusive interview with Money Morning, Bill gives six reasons to invest in China and five solid China profit plays.

A “Lost Decade” doesn’t have to translate into lost profit opportunities.As the global financial crisis continues to escalate, the United States is increasingly facing the prospect of a long malaise that could easily eclipse Japan’s Lost Decade of the 1990s in both duration and depth.

Cleveland-Cliffs Inc. (CLF), a top producer of iron ore pellets and supplier of metallurgical coal in North America, will buy Alpha Natural Resources Inc. (ANR) in an effort to bolster its coal reserves and exploit the soaring demand for steel among emerging markets worldwide.

Cleveland-Cliffs is paying $10 billion for Alpha Natural Resources, a company that specializes in mining thermal coal used in steel production, the company said on its website. The deal values Alpha at $128.12 per share, a 35% premium to its closing share price on Tuesday.

Alpha shareholders will receive 0.95 Cleveland-Cliffs shares and $22.23 in cash for each share they hold. Alpha shareholders will hold 40% of the resultant company.

“By combining our companies’ complementary operations and management capabilities,…

Global investors seeking undervalued markets might want to look at Russia, China, India, Malaysia, South Korea or Brazil. And if they want to avoid overvalued markets, they’d be best to eschew Italy, the United States, Japan, Canada, Switzerland, or Germany.