drymartini:

Try India instead !! Democratic country, better transparency.

 Problems: Infrastructure still not as good as China, Harder to invest directly as very few stocks trade in US stock exchanges as ADR, very few India only mutual funds.

Advatanges: Democracy, high growth companies, better transparency, stock market growing really fast.

 
Disclaimer: I am indian and I would love to invest there. However, i cant open an online trading account because I dont have a document that is required (income tax number) I am trying hard to find ways to get it (since i never held a job in India, never paid taxes there hence no income tax number :( ). My dad and brother invest in the Indian stock market and i look at their returns and puts my portfolio to shame :(

In the long run, India should be ok but India has one of the highest valuation of any emerging market right now. Emerging market bulls will say that the high multiple is warranted but someone like me who is bearish on most asset classes would not go anywhere near India. A lot of this valuation multiple may be due to capital controls and I really wonder if that market can maintain that multiple going forward...