U.S.-based Walmart and Amazon topped the list, with China’s State Grid in third, followed by the Arabian Saudi Aramco, then Chinese oil companies Sinopec Group and China National Petroleum. American companies rounded out the top 10 with Apple in seventh, followed by UnitedHealth Group, Berkshire Hathaway, and CVS Health.
China’s economy suffered a massive hit stemming from the regime’s prolonged strict COVID-19 lockdowns. The economy shows few signs of recovery.
The face of that sector is Chinese developer Evergrande, which, at $340 billion in debt is the world’s most indebted company. It was recently ordered to liquidate, with creditors only able to expect the recovery of a fraction of their assets.
He is one of many analysts warning that scientific advances will not offset the damage the Chinese economy has suffered overall.
“The entire Chinese economy is developing abnormally, with domestic overcapacity and low-price dumping abroad, leading to more and more trade wars and tariff wars with other countries around the world,” he said.
The CCP’s economic revitalization efforts also includes more than $40 billion in ultra-long term treasury bonds to local governments to upgrade equipment and invest in consumer goods projects to be allocated before the end of the month.
“Everyone is leaving China,” he said.
“Local governments used to sell land as their financial resources,” he said. “Now that the financial resources are cut off, you don’t know whether the 300 billion yuan [$41 billion] will be swallowed up by them after it is distributed.”
Alex Wu, Ning Haizhong, and Luo Ya contributed to this report.