Joseph Kahn says,

China is no longer the impenetrable enigma and inevitable money pit it long seemed. Plenty of foreign investors still lose money. But they are increasingly outnumbered by multinationals making profits that if not quite justifying the exaggeration of the 1990's, at least make China an indispensable part of their global operations....Just as remarkable is the way they are making money....many multinationals have shifted their sights to the domestic market, which has become more lucrative and more openly competitive than many imagined even a few years ago....the Chinese buy more cellphones than consumers anywhere else. They buy more film than the Japanese. They now buy as many vehicles as the Germans. Foreign companies dominate sales in those categories and have a hefty presence in scores of others, like DVD players, electrical power, heavy equipment, shampoo, software, even hamburgers.

and quotes Huang Yasheng who "disputes the idea that foreigners routinely lose money." Well, I hope it's true.