China's stock markets have had a fabulous first six months of the year. And yesterday they began the second half in similarly fine fettle with the Shanghai Composite index breaching 3,000 points.
The benchmark is up 65 per cent for the year, making Shanghai the best performing large stock market in 2009 and leaving it nearly halfway back to its October 2007 peak of 6,124.
Like other economic indicators in China, such as sharply rebounding car sales and surprisingly robust gross domestic product growth, the mainland's stock markets have vastly outperformed expectations.
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