The article provides a comparative analysis of the stock markets of Russia and China, focusing on institutional differences and the impact of global economic changes. The study is relevant due to the increasing importance of these markets in attracting investments and maintaining the financial stability of national economies, as well as the need to boost their investment appeal and resilience in the face of various challenges. The research addresses the identification of structural and institutional factors that influence the efficiency, stability, and integration of the Russian and Chinese stock markets into the global financial system. The Russian stock market is marked by high volatility, sensitivity to global economic and geopolitical risks, and a relatively narrow selection of financial instruments. In contrast, the Chinese market is characterized by higher liquidity, greater institutional maturity, and overall stability, although it still faces administrative barriers, restricted access for foreign investors, and significant government intervention. The methodology includes a comparative analysis and economic and statistical modelling, as well as the calculation of key market indicators such as liquidity, concentration, volatility, the Sharpe ratio, the Herfindahl–Hirschman index and integration coefficients. Data sources comprise official stock exchange websites, the Central Bank of Russia, the Ministry of Economic Development, and various analytical and statistical reports on the stock markets of both countries. The findings indicate that the Chinese stock market offers higher liquidity, lower volatility, and is more attractive to long-term investors compared to its Russian counterpart, which remains more vulnerable to external shocks and has limited capitalization. Integration coefficients suggest that the Russian market occupies an intermediate position between the relatively closed mainland China and the highly integrated Hong Kong. The article concludes that both markets would benefit from comprehensive institutional reforms, expanded market infrastructure, and improved transparency to enhance their resilience and investment attractiveness.