The equity market of Hong Kong overtook Japan to become the world’s third-largest with a combined market capitalization of $5.78 trillion, behind only the U.S. and Chinese mainland markets.

The benchmark Hang Seng Index has climbed nearly 17% since the beginning of the year, adding $937 billion of market value for stocks trading in the city.

The Hong Kong stock market was one of the best-performing globally in 2017 with an annual gain of more than 30%, but it suffered a sharp decline last year as global markets tumbled. Analysts predicted a stronger year for both Hong Kong and mainland stocks in 2019, backed by an improved outlook for China’s economy and trade talks with the U.S.

The last time the Hong Kong market was more valuable than Japan’s was in April 2015.

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