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‘Extraordinary’ China Prospects: William Lauder

Long-term development in China and across Asia promises great opportunity, William Lauder, executive chairman of The Estee Lauder Cos., said Thursday on CNBC.

Asked to rate China's strength on a scale of one to five, Lauder didn't hold back.

"As compared to most of the rest of the world, I'd put China at about a six or seven," he said.

"If you look at the long-term prospects for China, they're extraordinary. You realize that China just in the first phases of a long-term domestic development. They're building an infrastructure of transportation. They're building an infrastructure of consumption."

On "Fast Money," Lauder said that the potential for growth over the next 20 to 40 years was positive for China.

Domestically, he said that the beauty-products company was poised to see a year-end pop toward the end of December.

While economic concerns might cause some trepidation in shoppers, Lauder cited a low barrier to entry in cosmetics — especially compared to higher-priced luxury items such as handbags.

"Everything we're seeing, we've got great confidence for the last 10 days," he said, alluding to a traditionally strong period for retail sales.

Trader disclosure: On Dec. 13, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long TJX; Joe Terranova is long AAPL; Joe Terranova is long YUM; Joe Terranova is long SWN; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long VZ; Joe Terranova is long XOM; Jon Najarian is long RIMM CALLS; Jon Najarian is long HPQ CALLS; Jon Najarian is long XLNX CALLS; Jon Najarian is long BX CALLS; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long NFLX CALL SPREADS; Jon Najarian is long JCP CALL SPREADS; Jon Najarian is short AGQ PUTS; Jon Najarian is short GLD PUTS; Jon Najarian is long CME; Jon Najarian is long CBOE; Steve Weiss is long AAPL; Steve Weiss is long GDX; Steve Weiss is long GLD; Steve Weiss is long XLU; Steve Weiss is long XLF; Steve Weiss is long WMT; Steve Weiss is long TGT; Steve Weiss is long GOOG; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long SBUX.

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