After Nike's blowout earnings report cited strong growth in China, many market watchers were left scratching their heads on just how the world's second-largest economy is faring. CNBC "Fast Money" traders stressed investors cannot judge wider Chinese consumption based on one company's performance.

Still, growth in China bodes well for Nike, said trader Brian Kelly. The company's stock rose nearly 9 percent Friday, a day after it reported quarterly earnings that easily topped expectations.

Trader Tim Seymour looked to coffee chain Starbucks to read the Chinese consumer. He said the company was in a "growth cycle" there, adding that it may have more room to expand.

Read MoreNike earnings: $1.34, vs expected EPS of $1.19

On the other hand, investors may want to watch Caterpillar to gauge the situation in China, said trader Steve Grasso. The industrial giant said this week it could cut up to 10,000 jobs by 2018, lowering sales guidance amid a commodities crunch influenced by China.

Read MoreCaterpillar to cut up to 10K jobs; lowers guidance

Trader Guy Adami said Freeport-McMoRan could also help gauge the effect China has on companies exposed to commodities. The stock has fallen nearly 60 percent this year.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JPM, KO, LGF, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.

Steve Grasso

Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX firm is long KO, MCD, WYNN, AMZN kids own EFA, EFG, EWJ, IJR, SPY

Brian Kelly

Brian Kelly is long BBRY, GLD, Bitcoin, US Dollar, Crude Oil; he is short Yuan, British Pound, Euro, Yen, EEM, EWC, EWU, EWG, SPY, S&P 500 Futures.

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.