Wednesday, September 05, 2007

Chinese firms vault to the top!

The dizzying rise of the Chinese stock market has propelled Chinese firms to the top in terms of market capitalization, according to the Economist.

China has three companies now in the world's top ten- Industrial and Commercial Bank of China, Petrochina and China mobile. All but two of the rest are American. ICBC has overtaken Citigroup as the world's largest bank.

The Economist, however, sounds a warning:

In 1989, just before its bubble bust, six of the world's ten biggest banks were Japanese. Look at what happened to them.

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