Chinese stocks have risen in value by about $4.9 trillion this year, thanks to the country’s rapid COVID-19 recovery, a series of initial public offerings (IPOs) and accelerated growth in Chinese consumer and tech company shares, according to a Friday Wall Street Journal (WSJ) report.

S&P Global Market Intelligence data indicates that Chinese enterprises have added 41% to $16.7 trillion in exchanges from Shanghai to New York, exceeding American companies’ 21% run-up to $41.6 trillion, the WSJ reported(RELATED: Here’s Why US Manufacturing May Be Poised For A Comeback)

The Chinese stock surge accounts for nearly one-third of the global stock market increases in 2020, according to WSJ. Globally, stocks have grown 16% to $104 trillion, the outlet reported.

For China, “it’s been a very strong year,” Chief Investment Officer for KraneShares in New York Brendan Ahern told WSJ. The country’s economic recovery, global investors’ desire for high-growth assets and a strong IPO market had all worked together for China’s good, he told the outlet.

“The end result is a pretty dramatic growth in the size of capital markets,” Ahern concluded.

The growth has solidified China’s position as the top emerging market, WSJ reported. Towards the end of November, shares of Chinese businesses comprised beyond 40% of two renowned stock indexes tracking developing countries, when half a decade ago, the country was under 30%, according to the report.

Legislation President Donald Trump signed this month could reportedly push Chinese companies to delist from exchanges in New York if U.S. regulators don’t inspect their audit papers for three consecutive years.

The Chinese government released similar rules on Saturday tightening the country’s evaluation of foreign investments on “national security grounds.” As dictated by the new policies, firms and projects set up by foreign companies or joint ventures in China, foreign takeovers of Chinese companies or foreign minority stakeholders with sufficient voting rights in Chinese firms could face a security review.

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