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Chinese stocks need an upgrade

Long-suffering investors will not see real rewards without deep market reforms

| China
An investor watches displays showing stock information at a brokerage office in Beijing on Oct. 11.   © Reuters

Until very recently, China was a clear favorite over India for foreign investors. But as far as stocks go, India has been a much better bet.

The Nifty 50, an index of India's National Stock Exchange, has risen sixfold since Dec. 31, 1999. Over the same period, the Shanghai Composite Index has only doubled.

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