CHINAistheonlyoneoftheworld'sthreelarg-esteconomiesinwhichasignificantnumberofitsmostimportantcompaniesarelistedonsharemarketsoutsidedirectregulatorycontroloftheirhomecountry'smainfinancialadministration.AlmostallmajorU.S.companiesarelistedintheU.S.ThesameappliesinJapan.ButmanyChinesecompa-niesarelistedinHongKong,partofChinabutwithseparateregulationandcapitalmarketsfromChina'smainlandeeonomy.FurthermoreasignificantnumberofChinesecompaniesarelistedinLondonandtheU.S.