In just 25 years, China’s equity markets have grown to over $7 trillion, nearly 15% of global market value, making them a key indicator for the future of the global financial system.

China restarted its equity markets in 1990 after a 40-year hiatus. Now, only 25 years later, the Chinese equity markets have a market capitalization of over $7 trillion. That is approximately 10% of the value of global equity markets. If you include Hong Kong’s stock market, it is nearly 15%. Such growth is nothing short of astonishing. In one sense, the Chinese stock market is the canary in a coal mine for our planetary financial system.