The value of Chinese stocks rose above $10 trillion (€8.8 trillion) for the first time, the latest milestone for the nation's world-beating share rally.
Companies with a primary listing in China are valued at $10.05 trillion, an increase of $6.7 trillion in 12 months, according to data compiled by Bloomberg.
The gain alone is more than the $5 trillion size of Japan's entire stock market. The US stock market is the world's biggest, at almost $25 trillion.
However, the Chinese market is growing rapidly. No other stock market has grown as much in dollar terms over a 12-month period, as individual Chinese investors piled into the nation's equities using borrowed funds to bet gains will continue. Valuations are now the highest in five years and margin debt has climbed to a record, even though economic growth is the weakest since 1990.
"This a reflection of the risk-taking attitude of the public," Hao Hong, the chief China strategist at Bocom International in Hong Kong, said yesterday. "People are taking on an unreasonable amount of risk for deteriorating economic growth."
Outside investors aren't showing the same enthusiasm towards Chinese equities. Funds pulled a net $6.8bn out of Chinese stock funds in the seven days through to Wednesday, Barclays said in a research note, citing EPFR Global data. Dual-listed Chinese shares cost more than twice as much on average on mainland exchanges than they do in Hong Kong.
MSCI's June 9 decision against including mainland equities in its benchmark index had little impact on the Shanghai Composite, which climbed 2.9pc last week to its highest level since January 2008.