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Although both China and Russia have experienced several decades of market reform, initial evidence suggests that this structural change has compromised mental and physical health among the Russian population but not the Chinese population. Using data from the World Health Organization Study on Global AGEing and Adult Health (2007–2010), this study examines the factors associated with the disparity in depression between older adults in China and their Russian counterparts, all of whom experienced market transition in the prime of their lives (N = 10,896). Results show that the lower level of depression among Chinese respondents is attributable to higher levels of economic security and social cohesion as well as stronger effects of economic and social resources on depression, while health-rating style is likely a minor factor. The study advances the sociological understanding of global/comparative mental health by considering the effects of macrolevel political, economic, social, and cultural conditions.