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Recently, a Clarke's model-based simulator was proposed for Rayleigh fading channels. However, that model, as shown in this paper, may encounter statistic deficiency. Therefore, an improved model is presented to remove the statistic deficiency. Furthermore, a new simulation model is proposed for Rician fading channels. This Rician fading simulator with finite number of sinusoids plus a zero-mean stochastic sinusoid as the specular (line-of-sight) component is different from all the existing Rician fading simulators, which have non-zero mean deterministic specular component. The statistical properties of the proposed Rayleigh and Rician fading channel models are analyzed in detail, which shows that these statistics either exactly match or quickly converge to the theoretically desired ones. Additionally and importantly, the probability density function of the Rician fading phase is not only independent from time but also uniformly distributed, which is fundamentally different from that of all the existing Rician fading models. The statistical properties of the new simulators are evaluated by numerical results, finding good agreement in all cases.