Industrial Securities Wang Han: The market capitalization ratio of the Chinese stock market has not yet reached its peak, so there is no need to worry about a bubble

Wang Han, Chief Economist of Industrial Securities, attended and spoke at the 2026 China Chief Economist Forum Annual Conference. Wang Han pointed out that when observing the market capitalization of global stock markets, it is found that the majority is still in developed countries. The United States accounts for 26% of global GDP, while its stock market capitalization accounts for 48% of the global total. China's GDP accounts for about 17% of the global total, but even when including Hong Kong stocks, the A-shares only account for 14% of the global total. In other words, the market capitalization does not fully reflect China's economic share in the world. "Therefore, from this perspective, should we be concerned about a bubble in the Chinese stock market? There may be a bubble, but the market capitalization share has definitely not peaked yet." (Sina)