Move over JP Morgan and Goldman Sachs, it is China, not the U.S., who has the world’s largest public company
Despite the fact that because of their manipulated GDP numbers, the U.S. is still considered the world’s number one economy. ¬†However the reality is that they have already been surpassed by China in nearly every other facet of economic and financial measurement. ¬†And at the top of this list are China’s domination in both productivity and in banking.
Which is why it should come as no surprise that on May 24, Forbes announced that a Chinese bank, rather than behemoths like JP Morgan and Goldman Sachs, are considered now the world’s largest public company.
The Industrial and Commercial Bank of China (ICBC), the country’s largest lender by market value, has again become the world’s largest public company, according to the 2017 Global 2000 ranking released by Forbes on Wednesday.
Companies from China and the US make up more than 40% of the list and continue to dominate the top 10 spots with financial giants, including major Chinese banks such as ICBC (#1), China Construction Bank (#2), Agricultural Bank of China (#6) and Bank of China (#8). The ICBC dominates the list with 151.4 billion USD in sales, 42 billion USD in profits, 3473.2 billion USD in assets and 229.8 billion USD in market value. – EN.People.CN
Determining criteria for the top public companies goes far beyond simply listing them by market cap values since many companies like Amazon, who have extremely overvalued P/E ratios, would be the primary companies topping this list.
One of the more telling signs that a nation leads the world in economic growth is in how much they are able to spend in purchasing property and assets in another country as a way to expand and use their burgeoning wealth. ¬†And where we saw this happening in the United States during the 1980’s from Japan, who cashed in on property in Hawaii and all along the West coast of America, so too are we seeing Chinese banks funding their own economic expansion into the U.S. today, led by institutions that are recognized as the largest public companies in the world.
Kenneth Schortgen Jr¬†is¬†a writer for The Daily Economist, Secretsofthefed.com,¬†Roguemoney.net, and Viral Liberty, and hosts¬†the popular youtube podcast on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.