Wealth Destruction On China Stock Markets
A recent statistic puts in perspective what has been happening on the major equity exchanges in China, the world’s second largest economy. In June 2015 the capitalization of China’s stock markets attained a peak value equal to ten trillion U.S. dollars. Eight months later, in February 2016, the figure had declined to 5.7 trillion dollars. This massive decline in value of 4.3 trillion dollars, represents a contraction of 43 percent – – close to half of the peak value of Chinese equities..
Losing more than forty percent of the value of the stock markets in the world second biggest economy in only eight months may not be attracting great headlines at present. However, what has been happening represents China’s unique version of the 1929 stock market crash on Wall Street that launched the Great Depression of the 1930s. Food for thought.
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