Who has survived the global credit crisis in the best shape? As Zhou Enlai is reputed to have said about the impact of the French Revolution, it is still too early to judge. The snap verdict that China is the big winner and the US and rest of the old Group of Seven big losers is already looking questionable.

True, China has continued to register turbo-charged growth while many of the debt-laden economies of the west have struggled. No surprise, then, that a tsunami of financial capital has surged eastwards, or that European politicians are scrabbling for trade deals, despite China’s extraordinarily aggressive posture over the Nobel peace prize and other diplomatic issues.

The financial markets, however, have taken a rather different view. The Shanghai market is at less than half its all-time high, significantly underperforming the other three members of the Bric group. More surprising, since the start of the US subprime crisis in August 2007, Shanghai’s total return in dollars has been beaten by the American S&P500, the UK’s FTSE?100, and even the Japanese Topix.