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Even in the face of a slowed global economy, China’s mindset on growth continues to be a driving force for the market. Lauded for its effective implementation of its $586 billion stimulus plan, which targeted the spending on improving the country’s infrastructure, China has been able to maintain pace of GDP growth estimated to be somewhere in the neighborhood of 8%.

Lawmakers have managed, for the most part, to cope with the drop-off in demand for its country’s cheap exports by turning its economical focus inward. With the current strategy set on expanding urbanization and industrialization, two sectors in particular stand to benefit immensely from the initial build-out and future maintenance of these initiatives. Chinese oil and gas, as well as basic materials companies, are directly positioned to reap the advantages provided by the stimulus spending.

While China’s oil consumption has consistently increased year-over-year in recent history—the country is the world’s second-largest consumer of oil behind the United States—demand has dipped slightly this year from 2008. The demand drop was to be expected, all things considered, but with stimulus initiatives beginning to take effect, demand could ramp up again for the remainder of the year. By 2030, China could pass the United States as the world’s largest oil consumer.

Here are some of the leading Chinese oil and gas companies that are currently trading in the United States.

PetroChina Co. Ltd. (NYSE: PTR)
With a market cap just more than $200 billion for its NYSE-traded shares alone, PetroChina is the largest Chinese oil and gas company trading in the United States. In fact, the company is ranked second only to Exxon Mobil as the world’s largest corporation by market cap, and it actually surpassed Exxon in 2007 when it became the world’s first $1 trillion company, only to slide back into the No. 2 slot in 2008. Though the company’s true market value is difficult to gauge accurately because the majority of its shares are owned by its parent company, the state-owned China National Petroleum Corp. The company, which is based in Beijing, has proven developed and undeveloped reserves, including 10,576 million barrels of crude oil and 60,246.7 billion cubic feet of natural gas in China, and 645 million barrels of crude oil and condensate and 942.6 billion cubic feet of natural gas internationally. Established in 1987, the company is still relatively young, especially when you compare it to its U.S. counterparts. Nevertheless, there’s no ignoring that it is a legitimate force in the sector.

China Petroleum & Chemical Corp. (NYSE: SNP)
With its NYSE market cap coming at about $73.5 billion, China Petroleum & Chemical Corp., also known as Sinopec Corp., is the second-largest oil and gas company in China. Like PetroChina, Sinopec is a subsidiary of a larger state-owned corporation. In this case, the company is owned by China Petrochemical Corp., otherwise known as Sinopec Group, which is Asia’s largest petrochemical supplier. China Petroleum & Chemical is also the parent company of Sinopec Shanghai Petrochemical Co. Ltd. (NYSE: SHI), which has a market cap of $3.3 billion. The company recently acquired Swiss-based Addax Petroleum Corp. for $7.2 billion. Executives at Addax, which has a presence in Iraq and South Africa, recently announced record production in the second quarter results, but profits for the second quarter dropped more than 87%. Shares of China Petroleum & Chemical have soared nearly 30% from the start of the year, and analysts are expecting its revenue and earnings per share to rise 12% and 25% year-over-year, respectively, in 2010.

China Natural Gas Inc. (NASDAQ: CHNG)
For those looking for a smaller oil and gas play, there are a number of options. China Natural Gas, which has a market cap of $130 million, distributes and sells natural gas and gasoline to commercial, industrial, and residential customers in the Xian area, including Lantian County, and the Lintong and Baqiao Districts of Shaanxi province of China. The company offers natural gas through a network of about 120 kilometers of high-pressure pipelines. In addition, it also sells compressed natural gas as fuel at CNG filling stations in the Shaanxi and Henan provinces. China Natural Gas serves close to 100,000 homes and businesses.

Company officials said profits soared 34.5% year-over-year for the second quarter of 2009, largely because of higher revenue, which jumped nearly 23%. Another highlight was the company’s transition to trading on the NASDAQ from the Over-the-Counter Bulletin Board. With a P/E of only 7.89 and a solid track record for earnings and revenue growth, China Natural Gas could be a gem in this space.

Basic Materials
The Chinese metals and mining sector is another area picking up momentum. Infrastructure projects will undoubtedly push demand for basic materials higher. Lawmakers have put a strong emphasis on Chinese companies acquiring resource-rich assets around the globe. These are a few Chinese metals and mining companies trading in the United States that could benefit the most.

Aluminum Corp. of China Ltd. (NYSE: ACH)
Aluminum Corp. of China, also known as Chalco, is the world’s second-largest producer of alumina in the world and the only one in its country. The company is also China’s largest producer of primary aluminum and the third largest in the world. Chalco has been a major beneficiary from all the attention regarding China’s infrastructure stimulus spending. Shares of Chalco have increased nearly threefold since its price dropped below $10 in January 2009.

The company made a splash earlier this year when it acquired 9% of Australian aluminum giant Rio Tinto plc (NYSE: RTP) for about $14.1 billion. At the time, Rio Tinto, burdened by debt, was trying to fend off a hostile acquisition attempt and needed the capital. Chalco made an even bigger splash recently when it attempted to double its stake in Rio Tinto with a $19.5 billion offer, only to have it rejected. Though if passed, the deal would have given Chalco direct stake in some of Australia’s most desired national resources. While the failure of the deal, which was a result of a myriad of reasons, certainly stings, it isn’t expected to slow the country’s or Chalco’s aggressive acquisition strategy.

General Steel Holdings Inc. (NYSE: GSI)
Unlike some of the other Chinese companies mentioned, General Steel is not state owned. The company operates through its diverse portfolio of subsidiaries that manufacture and sell a variety of steel products. Despite the challenging economic landscape, company executives recently reported record revenues and shipment volume in the second quarter results. Revenues increased year-over-year by 5.7% to $408.9 million, and shipping volume increased nearly 63% to 956,321 metric tons. In addition, excluding expenses associated with its 2007 convertible bond issuance, officials said the company earned $1.4 million, or $0.04 per share, in the quarter. General Steel executives have cited the Chinese government’s stimulus projects as a direct driver for the growth. They also say that the company plans to examine acquisition opportunities to fuel its growth. Shares of General Steel have more than doubled since falling below $2 in March.