China doesn't have a company valued >1T USD, because there is COMPETITION.
They don't have one Apple, they have Oppo, Xiaomi, Huawei
They don't have one Tesla, they have BYD, Nio, XPeng, Li Auto
They don't have one Amazon, they have Taobao, Douyin shops, JD.
US trillion dollar companies are protected monopolies.
Might be cool for the shareholders, but consumers have to put up with shitty Pixel phones, buggy Windows, overpriced mid Teslas, and Facebook bot-slop.
Chinese consumers get better products for less money.
“China doesn’t even have 1 company valued > 1T USD.”
Now, isn’t this absolutely wonderful?!
The government ensures that wealth generated accrues to the workers, the country and her people and some to the shareholders.
When fairly distributed, some shareholders may become marginal billionaires. But shareholder unearned income should most certainly be capped. No clever tax loopholes allowed in China for corporations or individuals.
This is why China has no billionaires trending towards trillionaire status on unearned income.