It has long been a staple of global investment gurus that investors should put some money in China, which is vying to become the world’s largest economy, and which has hundreds of millions of people who are moving rapidly from workers and peasants into a huge new middle class.

At the same time, many investors worry that Chinese markets are not subject to the same scrutiny and regulations as Western markets. There are also troubling signs of overstretched banks and a property bubble, as well as environmental and political crises brewing.

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