China is up over +20% while US is down -20% ytd. That is because they are stimulating the economy while the US is propping up undead zombie banks. According to Bloomberg, China is spending billions or trillions on building new infrastructure, boosting manufacturing, reducing taxes on stock trades, reducing taxes on consumption and exports. Meanwhile the US is doing the opposite. Instead of stimulating the economy, they've used billions or trillions on FNM, C, BAC, AIG, etc... and two wars in the middle east. They're also considering raising taxes on stock transactions. That is why China is up 20 and the US is down 20.