| Last updated at: (Beijing Time) Thursday, November 15, 2001 |
Chinese Stock Market Valued 533 Billion Dollars |
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China's total stock market caphad reached 4.37 trillion yuan (about 533 billion U.S. dollars) by the end of October, according to the China Securities Regulatory Commission (CSRC). And a 990-billion-yuan drop had been reported in the past four months from the 5.36-trillion-yuan cap at the end of last June.
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China's total stock market caphad reached 4.37 trillion yuan (about 533 billion U.S. dollars) by the end of October, according to the China Securities Regulatory Commission (CSRC).
A 990-billion-yuan drop had been reported in the past four months from the 5.36-trillion-yuan cap at the end of last June. Experts attributed the decline to the nearly four-month slump of stock markets in Shanghai and Shenzhen. The Shanghai Stock Index had sunk to the lowest level of this year on October 22, down more than 30 percent.
However, the total number of domestic listed companies topped 1,152 by October, up 100 over the same period last year. And investors in China's stock market totaled 65 million, a rise of almost 10 million.
Since the beginning of this year, CSRC, China's securities market watchdog, has taken a firm hand against illegal activities in stock markets such as stock price manipulation or disclosing false information. And several listed companies have been convicted of malpractice and punished.
Most financial experts are inclined to take the slump as "growing pains" and expected the situation will help China's growing stock markets eliminate the previously accumulated risk.
Stock Market Ranks Sixth in the World in Market Value By the end of 2000, the combined market capitalization of the domestic and Hong Kong stock markets topped US$ 1200 billion.
Addressing a symposium on Chinese enterprises listed in Hong Kong, S. L. Sheng, chairman of the Securities and Futures Commission of Hong Kong (SFC) said China is becoming increasingly important on the global capital market and Hong Kong, as the international financial hub, will play a key role on China's capital market.
According to SFC's statistics, by the end of 2000, the market capitalization of China's domestic stock market was US$ 581 billion. Plus the US$ 623 billion in market capitalization of Hong Kong stock market, the number will be up to US$ 1200 billion, which makes China the sixth largest stock market in terms of market capitalization in the world.
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