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.
Mark Machin
Mark Machin

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 deal. These deals alone raised almost $19 billion. And while the underlying economic growth was strong, the Hang Seng index was at this stage down more than 20% for the year, buffeted by...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222