As a result of China's trade war with the US and its campaign to cut debt, the value of China's stock market fell to $6.09 trillion, losing its position as the World's second biggest stock market to Japan ($6.17 trillion). The U.S. has the world's largest stock market at just over $31 trillion. China's stock market overtook Japan's in 2014 and soared to an all-time high of over $10 trillion in 2015.
