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which would you rather invest in, Chinese stamps or US stamps?
Neither. In fact, I discourage people from "investing" in stamps. Very few (<<1%) of stamps have a catalog value that appreciates faster than the rate of inflation over a 10 year period, and even far fewer than that will provide a rate of return that exceeds a simple long term insured CD. So unless you are knowledgeable about a few specific stamp issues, the odds are stacked against you if you have a general collection or even a country/regional collection. I won't even go into the overhead/labor costs of putting the collection together and then selling it. Nobody invests in stocks by buying one share of each company, but they select certain companies and buy a large number of shares, or have a very specific portfolio. "Investing" in stamps is no different.
The Chinese stamp market is still dominated by speculators/investors, not collectors. Therefore, I would not say "Chinese stamps" are a "good" investment, but rather a "dangerous" investment. In addition, a growing number of pretty good counterfeits have entered the market in the past decade. The early dragons, cultural revolution, and certain early liberation area issues are about the only time eras in which I believe the long-term catalog value increases are justified. Most (not all) of the price increases for other issues are now more speculation-demand driven, rather than collector-demand driven. Many of these stamps are bought/sold/traded by the BUNDLES, not by single stamps. If you compare catalog prices for the past 15 years, you will see both major increases and also major DECREASES due to this speculative activity. My PRC collection has been in mothballs for the past 15 years until all this silliness has passed, and my few PRC purchases of the past decade have mostly been for used stamps or early liberation areas -- these were for my collection or as duplicates, not for investment. If you want to discuss what is "going up" in general, then percentage-wise, North Vietnamese stamps are the current "hot" area. You will see overall percentage price changes that far outstrip percentage gains in modern PRC.
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The internet population of China exceeds that of the US and is double the rest of Asia. Stamp collecting IS a hobby there and as more and more Chinese have access to the internet the demand will outstrip the supply increasingly.
I would qualify this statement. True 5-10 years ago. I would say it is not really true today. I have pretty extensive dealings with the general Asian population, especially the younger generation. The number of "new" collectors I am meeting (specifically Chinese) has dropped down to near 0, and even those are not what I would consider active/aggressive collectors. There are other more "interesting" things on the internet for them to spend their time and money. If you follow the modern PRC catalog values for the past 5 years, you will already see a significant leveling off. Obviously Zhang Cheng has even more interaction with the Chinese population/collectors than I do. So he may have a different take on this.
If you are talking about a modern PRC (past 40 years) collection as an INVESTMENT, my advice is to sell now while most of the prices are still relatively high. Anyone who has been following the Asian market for the past 30 years knows what happened to the Japan/Taiwan prices. 20 years ago I could have easily sold my Japan and Taiwan collections for well into 4 figures each at WHOLESALE (not retail). I'd be lucky to get 1/10 of that for my Japan and 1/3 of that for my Taiwan today at RETAIL. I didn't sell back then for the same reason I don't sell those 2 collections today -- I collect stamps, not invest in them. It's more fun that way!
By the way, theswedishtiger, you have an EXCELLENT website

. I frequently refer collectors to it.

k