China may still be the future. It's just not the present.
As Bloomberg reported this week, no Chinese firms now rank among the 10 most valuable companies in the world by market value. China's representation on the list has been shrinking since 2008, when it claimed five stocks among the top 10. By Wednesday, oil giant PetroChina Co. had dropped from sixth place in May (it was No. 1 as recently as March 2010) to 12th after losing $35 billion in market value this month. Industrial & Commercial Bank of China Ltd. fell four places to 13th after losing $28 billion. Every single company on the list now is American -- yet more evidence of the U.S. economy's resilience and skill at reinvention.
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