The real China growth story is in the domestic market

Goldman's Mark Machin looks at the similarities and differences between China's capital markets now and then, and highlights some surprising developments.

The real China growth story is in the domestic market

Ten years is an odd slice of time for the China markets. Some things have changed a lot and some things have not.

The similarities include that 10 years ago we were in the midst of a capital markets boom -- we had enormous issuance from state-owned enterprises SOEs the IPO of PetroChina first, then China Unicom and Sinopec later in the year. Finally we had the record $7 billion China Mobile dual tranche equity and convertible...

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