CHINA is the only one of the world's three larg- est economies in which a significant number of its most important companies are listed on share markets outside direct regulatory control of their home country's main financial administration. Almost all major U.S. companies are listed in the U.S. The same applies in Japan. But many Chinese compa- nies are listed in Hong Kong, part of China but with separate regulation and capital markets from China's mainland eeonomy. Furthermore a significant number of Chinese companies are listed in London and the U.S.