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Capital market needs clearing up (2)

By Hong Liang  (China Daily)

08:13, August 28, 2012

The mainland capital market certainly needs some cleaning up. There are too many "established" analysts issuing volumes of research papers that read like kung fu novels, depicting mysterious people blessed with supernatural powers moving share prices with total disregard to market practices, securities rules and economic fundamentals. There are those stockbrokers who dispense investment advice like horse-racing tips, picking shares based only on hearsay and rumors, which they then try to masquerade as privileged information.

Not surprisingly, many individual investors blame their losses on poor advice from stockbrokers, whom they said they no longer trust.

But it is sad to note that the young professionals who have been squeezed out in these troubling times are the fresh blood that the industry needs. It is clear that the mainland stock broking community is in desperate need of fresh blood.

But we must remain optimistic and maintain some trust in the wisdom of the marketplace. As Lily Bi, joint general manager of the international human resources consultant firm Hudson in Shanghai said: "Many employers believe the tough economic environment has changed the skills their people need to be high performers. Being flexible and open to change is now among the most desirable attributes. People with these skills will be in demand for the foreseeable future."

Young market professionals who have lost their jobs or seen a big pay cut should take comfort in the knowledge that such setbacks are only temporary and be thankful that the lessons they learn today will prepare them for the difficult task of developing the mainland capital market into a mature and dependable source of funds to finance the next stage of economic growth.

【1】 【2】



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