China’s private-sector rebound continued in 2025, fueled by “new economy”

Share of aggregate market capitalization of China’s top 100 listed firms, by ownership, end-2010 to end-2025

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Notes: End-year data from 2010 to 2020; half-yearly from 2021. China’s top 100 listed firms are defined as the 100 mainland Chinese firms with the largest market capitalizations, whether listed in the mainland or abroad, including so-called variable-interest entities. "Nonpublic" are firms in which state entities hold an equity stake of less than 10 percent. "State-owned" are firms in which the state owns a majority stake. "Mixed-ownership" are firms in which the state owns an equity stake between 10 and 50 percent.
Source: Wind; authors’ calculations.Download image