China Passes U.S. in Top 10 List as China Life Surges

China Life Insurance Co. surpassed AT&T Inc. in market value, giving China more of the world's 10 largest companies than the U.S. for the first time.

Five of the 10 biggest companies by market capitalization are now Chinese, compared with three that are located in America, after China's benchmark stock index almost tripled this year. The rally has prompted securities regulators to say this month that the market holds ``great risks'' as the nation's households pour more of their $2.3 trillion savings into shares to beat inflation and profit from the fastest growth among major economies.

``China is one of the most exciting economies,'' said Jim Rogers, the chairman of New York-based Beeland Interests Inc. ``The market is willing to pay a lot more for future growth.''

China Life, the nation's largest insurer, gained 1.1 percent in Hong Kong and added 6.7 percent in Shanghai, valuing the company at 1.94 trillion yuan, or $259.1 billion. The Beijing- based firm after the close of trading today posted a third- quarter profit of 7.82 billion yuan ($1 billion), sparked by investments in China's stock market.

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