The empirical findings show that both Shanghai and Shenzhen stock markets are a pink noise process and China' s stock market is not effective.

实证结果表明：沪深两市均为一粉红噪声过程，我国股市尚未达到有效。

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Meanwhile, after a series of big ups and downs, China's stock market, as measured by the Shanghai Composite Index, is trading right where it was about a decade ago.

WSJ: The People's Money: Why Chinese Stocks Are Alluring