SHANGHAI — Chinese stocks had seemed poised to join an important global benchmark, paving the way for overseas money to pour into the country’s markets.

But the provider of the index, MSCI, decided that China was not yet ready, again holding off on adding mainland stocks to its influential emerging-markets benchmark.

The decision, announced on Tuesday, was a blow not only to despondent local investors but for the Chinese government more broadly. For several years, China had been pushing hard to increase its sway in global financial markets, an effort that recently resulted in having its currency, the renminbi, included in the exclusive club of currencies at the International Monetary Fund.

A year ago, China seemed close to having won over MSCI, whose remaining major concern was the difficulty for foreigners to buy and sell stocks in China, where the government has significant influence over markets.