The P/E for the Shanghai index is about 60, I don't know what the PEG is. But I know earnings growth is NOT 60% a year for that index.
When a CEO in the US is paid $600,000,000, is that cost passed on to consumers? That same $600,000,000 could be divided up among 60,000 workers with each of them getting an extra $10,000 a year. What is the difference between the $600,000,000 going to the CEO and going to the workers under the CEO?
America gets the money and China doesn't. Thats akin to putting on a band-aid after our left hand has been hacked off.