Not so long ago, Russia was a quarter of the compelling BRIC investment thesis. Today, it is considered uninvestable and has been taken out of global indices for a number of reasons, the most cited being illiquidity - you can no longer get your money out! But there are other issues. Russia is considered a rogue state and Russian companies seem to exist at the pleasure of Vladimir Putin (what do shareholders really own?).

Should we look at Chinese equities through the same lens? Today, there is no issue with capital flows. However, on the other criteria, th...