China unfortunately created stock market but doesn&#x27;t have the requisite pieces to allow one to operate properly.<p>For a fully functioning stock market you need:<p>- capital, which they have<p>-  speculators, to make trades happen, they have these<p>- transparency in how your market works, or atlest the appearance that the market is fair to all<p>- and you need stoggy old buy&#x2F;hold&#x2F;long only investors.  China is missing these.<p>In most markets the latter is done by ETF retirement investment and pension plans who have to invest 100&#x27;s of billions of dollars each year.<p>The scariest thing about this for the global equity markets is that in 10-20 years the top 3 markets could be China, India and the US.<p>Whether or not you like the US stock market, it is fairly transparent and not run by the whims of the government.  The other two countries are about as opaque as you can be. Speaking as a person who actively invests money, that&#x27;s a very troubling thought.<p>As one economic nobel prize winner put it... &quot;China and India haven&#x27;t put out a credible macroeconomic number in the past 10 years&quot;.<p>China is also loosing alot of money each month trying to support the yuan.  I saw a credible estimate of about 100 billion a month since October.