Some interesting charts over at dshort.com, comparing some of the major world indexes (plus the 2 emerging Asian giants) since January 2000, and the U.S. March 9, 2009 bottom. One can see despite a horrid start to 2011, India has been the lead horse in both categories - in fact more than doubling the return of investing in China over that time. These 2 countries were neck and neck for much of the decade but after their late 2007 peak and subsequent crash, India has had the much better run. It remains a shame so few Indian companies trade on American exchanges as ADRs. For every Indian stock I can throw a dart and find 25 Chinese ones.
Performance since January 2000 (click to enlarge)
Since the March 9, 2009 U.S. lows India not only has been the leader, but China has done worse than even the developed market indexes. Now to be fair, China bottomed a few months ahead of the U.S. so if we moved the axis back a few months to January 1, 2009 things would look somewhat better - but it even surprised me to see China lagging Japanese equities! Hong Kong has been the far better option...
Performance since March 9, 2009 (click to enlarge)