It's representative of their commerce which is the real economic activity in their country.

Most wealth in China are calculated from real estate which doesn't generate any economic activity on it's own and they build more houses than they will live in. Most US wealth are actually from real corporation flow.

It doesn't, at all. Unlike the US (and to a lesser extend, Europe), Chinese do not have a majority of their wealth invested in stocks.

Besides, the Chinese st9ck market has been atrocious since.... pretty much forever. You'd think they still live in mud pools if you think the stock market is representative of overall development.