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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.
Everyone spoke English and Chinese perfectly, and mixed the two (you could tell something interesting was being said when they spoke Chinese in the show). The culture was a hybrid eastern / western.
not to mention, having the oil monopoly in china will soon make the rockefellers look like paupers.
What we have got is a very similar situation to Japan in the 80s before it busted. But Japan is an affluent country which could "afford" such a bust. Morover, it played out slowly throughout a large number of years. However in China, if a crash occured, it would probably be sudden and cataclysmic. In order to rescue its economy, it may have to suddenly withdraw its huge currency reservers around the world. This wil have a very damaging effect on the world economy as interest rates would rise suddenly everywhere and that commodity prices would collapse. So basically we have got an extremely dangerous situation there.