The three major stock markets worldwide

The first is United States, with $ 10.8 billion market capitalization. Second, it is up to China, which overtook Japan to well for the first time in the past 18 months.

The Shanghai Composite index in China rose by 1.4% in July, leading the Chinese stock market to $ 3.21 billion, compared with Japan was U.S. $ 3.20 billion, according to Bloomberg. The index has already been won by 75% in the year, which has been the best performance worldwide, compared with the Nikkei index in Japan it increased by 7%.

"China is just coming in and has great development potential, while Japan is a developed economy," said Daphne Roth, head of Asia research at ABN Amro Private Bank in Singapore, which manages U.S. $ 14 billion in investments.

The last time that China had overtaken Japan in market capitalization was in the period from January 4 to January 24, 2008.

The Shanghai Composite has doubled in just two years, leading to record high in October 2007, before dropping more than 70% in November 2007.

Shares in the Shanghai index is at 33.2 times its operating earnings, a dangerously high level. BNP Paribas Securities Asia in the last month cut its rating for China, sent from "overweight" (sobreacumulación) to "neutral," citing the high stock valuations.

Some Chinese companies have risen by 1,000% from its deck, so I have already discounted a strong rebound in utlidades entrepreneurs, "said BNP.