PetroChina has just become the most valuable company in world. It is now the first ever company to worth a trillion dollars! It is now worth more than twice that of Exxon, the second most valuable company in the world.
To see how stunning this all is, PetroChina is now worth more than the GDP of Russsia. It is worth more than the entire whole Russian stock market!
Now in fact Chinese companies make up 5 slots of the 10 most valuable companies in the world, compared to only 3 for the US.
China Mobile, third most valuable and the most valuable telecommunications company in the world
ICBC - 4th most valuable and the most valuable bank in the world
China has has the most valuable insurance and airline companies in the world. Alibaba had a stunning IPO debut today and nobody is betting that it will not overtake Google in a short period of time.
By the way that its crazy stockmarket is behaving, soon it will almost be a complete whitewash of the top 20 companies in the world!
Just a few years ago, who in their right mind would have thought that China would have the most valubale companies by 2007? The Chinese really do believe that they are about to dominate world commerce. Of course it is a gigantic bubble, even worse that that of the Nasdaq. I just hope that it will not end in complete misery for millions of people.