The most important thing is you need companies that have the ability to return capital to investors. If you do not, what you have is like free-to-play mobile game. Real money goes in, and is then redistributed to the insiders who take it and walk away.<p>This comes in two pieces, first transparency and accuracy of the company: Who is enforcing accounting standards? Who is doing the auditing to ensure the said assets are really there?<p>The second, is the economy based on real demand or something temporary: Are profits dependent on the activity of government officials &amp; central bank finance?<p>It would be very unfair to single China out in this regards, just look at what happened to Brazil.