TL;DR
China's S&P 500 index funds total about 46 billion yuan, roughly one ten-thousandth of the index's market value, so the claim that Chinese investors are propping up US stocks is nonsense.
The author has been accused of telling Chinese investors to buy yuan-denominated US equity funds so that Chinese money can push up US valuations. So he lays out the numbers and lets them speak.
Here is the bookkeeping
As of September 2026, the largest S&P 500 funds on sale in China add up to about 46 billion yuan, or roughly 7 billion US dollars.
That sounds like a lot until you set it against the S&P 500 itself, where the 500 companies are worth about 70 trillion dollars. The funds are one ten-thousandth of the index.
In the US, funds tracking the S&P 500 hold about 16 trillion dollars, some 23 percent of the index. China's total is 2,285 times smaller.
The Nasdaq 100 tells the same story: Chinese ETFs tracking it hold a bit over 10 billion dollars, against a 33-trillion-dollar index. Thousands of times smaller.
A drop in the ocean, literally
The author's line is that this is what a hair off nine oxen actually looks like. A few billion yuan trying to lever a 70-trillion-dollar market is a cup of water poured into the sea, followed by worry about the sea level.
The real problem is not the arithmetic but the reflex. Reading 'I suggest you buy this fund' as 'I want your money to pump US stocks' is not a calculation error; it is imagination outrunning arithmetic.
Strip away the grand narrative and it comes down to one sentence: a few billion yuan dropped into a 70-trillion-dollar market does not even make a sound.
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