On the Money: Bear in the China Shop

As you no doubt have heard, China is the world's biggest emerging market: 1.2 billion potential consumers for cars, TV sets, patio furniture, all the stuff we've already got. This is the era of global investing, it is said, and the sophisticated investor can't afford to ignore China, an exciting economy with a great future, because the most ardent capitalists you'll ever meet are the Chinese communists.

Taking the sophisticated route myself, I bought shares in a China mutual fund in my typical fashion: invest before you investigate. A recent trip to Hong Kong gave me the chance to do the...

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