Earlier this year Goldman Sachs caused a stir when they predicted that China would have a larger economy than America by 2027. But this week China overtook America in one area that is of particular interest to the likes of Goldman Sachs. PetroChina became the most valuable company in the world. After its stockmarket debut in Shanghai the firm is now valued at over $1 trillion – slightly more than double the value of the world’s second biggest company, ExxonMobil.
PetroChina is no anomaly. Three of the five most valuable companies in the world are now Chinese – China Mobile and the Industrial and Commercial Bank of China (ICBC) are the other two. If you take the top 10 companies as your preferred measure, it is four-all between China and America. Sinopec is China’s other entry. The US has Exxon, GE, Altria and Microsoft. Read more