Chart of the Day: Private Sector’s Shrinking Share of China’s Top Stocks

The share of private enterprises in the total market capitalization of China’s top 100 listed firms has suffered an unbroken decline since peaking in mid-2021, according to new research by U.S. think tank the Peterson Institute for International Economics (PIIE).

As of the end of 2022, companies less than 10% state-owned comprised 42.8% of the total market cap of China’s top 100 listed firms, down 1.7 percentage points in six months, data compiled by PIIE researchers Tianlei Huang and Nicolas Véron show. The firms are ranked by market value, and listed either on the Chinese mainland or overseas, including the so-called variable-interest entities, which are typically used by Chinese businesses to list on U.S. stock exchanges.