Chinese stock markets becoming more efficient and integrated, impacting global economy.
The Chinese stock markets showed initial persistence when they were more regulated, but became more efficient after deregulation. This was due to government interventions and changing trading styles. The markets are moderately persistent now, with Hurst exponents slightly above 0.5. Before deregulation, they were more persistent. The markets are gradually integrating into one Chinese stock market, similar to other emerging financial markets.