China's stock market value surges

China's rising stock market has resulted in a sharp increase in the market capitalization of the two bourses in Shanghai and Shenzhen.

Market value of the Shanghai and Shenzhen bourses surged to 53 trillion yuan (about 8.2 trillion U.S. dollars) on Friday, up 5.48 percent from the previous week. Average prices of all stocks rose 5.22 percent over the week to 12.43 yuan.

There are 1,076 and 1,734 listed companies in the Shanghai and Shenzhen stock markets, where the price-earnings ratio were 17.79 and 52.61 respectively.

China's stock market capitalization overtook Japan as the world's second largest after the United States one year ago.

After a bullish week, the Shanghai and Shenzhen bourses were valued at 29.76 trillion yuan and 23.35 trillion yuan respectively by the close of market on Friday.

The U.S. Federal Reserve's decision to raise the key interest rate for the first time in nearly a decade didn't stop China's stock market from rising, as the event was perceived as "the shoe finally hitting the floor."

Over the week, the key Shanghai index gained 4.2 percent to end at 3,578.96 points. The smaller Shenzhen index jumped 5.7 percent to close at 12,830.25 points. Endi