One way is shorting exchange traded funds invested in Chinese companies like GXC. Another way would be to short companies dependent on China's economics growth, or companies highly valued for their Chinese branches like YUM (owns KFC, etc..).
"There are ways to play Chinese companies outside of China. Either they trade in Hong Kong or New York. Probably more important from an investment point of view, this has implications for the people selling stuff to China—cement, glass, copper, steel. "
Jim Chanos in a Businessweek (http://www.businessweek.com/magazine/content/10_16/b41740106...) interview recommends the following:
"There are ways to play Chinese companies outside of China. Either they trade in Hong Kong or New York. Probably more important from an investment point of view, this has implications for the people selling stuff to China—cement, glass, copper, steel. "