China's Stock-Market Red Herring

ROME â?? With the Shanghai Stock Exchange Composite Index down more than 40% since last June, investors worldwide are watching the decline with growing concern â?? but not because they are invested in the plummeting market (Chinaâ??s stocks are overwhelmingly held by Chinese). Rather, the fear is that plunging equity prices mean that Chinaâ??s economy is going down the tubes. But those seeking compelling clues about Chinaâ??s economic future should look elsewhere.