China’s consumer price index, an indicator of inflation, hit a a 13-month low in November, at 4.2 percent, Riedel noted.
“I think the policy makers are less concerned about inflation for the next few months,” he said.
Even as economic indicators show a weakening of data in China, Riedel said it was necessary in light of a lower outlook elsewhere.
“They’re engineering a slowdown. It’s a slowdown, not a meltdown. That’s what people need to realize,” he said. “They’re doing it very well.”
Riedel weighed in on an ETF and a few selected stocks as ways to play global growth.
Emerging Markets: He called it “an easy place to look.”
China Mobile: “They’ve got $51 billion worth of cash and a great management team – largest mobile operator in the world.”
Ambev: “We like a lot going into growth in Latin America.”
Caterpillar: “That’s a great place to be focused.”
Reidel also sounded bearish on one stock play.
SINA: The Chinese government recently required “the Twitter of China” to register users’ real names, which Riedel called a big deal. The stock recently broke 52-week lows, but Riedel wasn’t a buyer. “I wouldn’t go anywhere near it at this point.”
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Trader disclosure: On Dec. 16, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MH; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; Kinahan is long C; Kinahan is long MSFT and short calls; Kinahan has INTC short puts; Kinahan is long YHOO;
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