The real China growth story is in the domestic market

Ten years is an odd slice of time for the China markets. Some things have changed a lot and some things have not.

The similarities include that 10 years ago we were in the midst of a capital markets boom -- we had enormous issuance from state-owned enterprises SOEs the IPO of PetroChina first, then China Unicom and Sinopec later in the year. Finally we had the record $7 billion China Mobile dual tranche equity and convertible deal. These deals alone raised almost $19 billion. And while the underlying economic growth was strong, the Hang Seng index was at this stage down more than 20% for the year, buffeted by...