China Stocks Plunge to Record Lows Compared to Soaring US Market
• Value of China's stock market now $38 trillion behind that of the US, a record gap • Chinese stocks have lost over $6 trillion since 2021 peak; US stocks gained $5 trillion • Investors doubting Beijing's economic agenda and strategic rivalry with US • Chinese stocks cheap at 8x earnings vs 20x for US, but no catalysts for rebound • Hong Kong stocks worst performing major index in 2023, down 13% in January