China economy, Chinese companies, China index 中國經濟, 中國公司, 中國指數

中國經濟增長, 中國企業會享受到? 然後股價就會上升?

這種想法背後其實有一個假設。

「A. 中國經濟增長速度」 比 「B. 企業數量/總產能上升速度」 快。」

否則經濟增長帶來的紅利不能帶來各企業額外收入。

紅利會被新企業或新產能攤薄。

至於有壟斷能力的公司, 例如騰訊, 是例外。

它能夠獨吞人均收入增加帶來的消費增長。

There is always an assumption behind the myth that Chinese listed companies can benefit from the growing china economy - There are no extra production capacity of (new) competitors. 

If the growth rate of economy is less than that of production capacity.

the existing companies' shares of growth of china economy will be diluted by these new enterprises.

However, companies with monopoly power are exception because they are more likely to benefit from the wealth effect of economy growth

Current US$	GDP	GDP per capita	上證指數 SSE Composite Index	恆生國企指數 Hang Seng China Enterprises Index	深證成指 SZSE Component Index
(from world bank)			(July)	(July)	(July)
2019	14.343T	10,262	3,310	10,039	13,638
2009	5.102T	3,832	3,407	11,146	13,670
1999	1.094T	873	1,586	2,405	3,744