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Last updated at: (Beijing Time) Thursday, December 05, 2002

Affluent Farmers Start to Buy Stocks in East China

More than 16,000 rural residents hold shares in Wenzhou, in east China's Zhejiang province, one of China's richest cities.


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More than 16,000 rural residents hold shares in Wenzhou, in east China's Zhejiang province, one of China's richest cities.

Major Chinese securities companies, such as Shenyin & Wanguo Securities, China Galaxy Securities, China Fortune Securities and Zhejiang Securities, have set up branches in small towns and big villages here over the past two years.

Almost half of the residents in four economically-developed villages -- Qianku, Tangxia, Liushi and Hongqiao -- have taken up stock trading, according to the securities companies.

Local residents describe their current lives as one percent of farm work and 35 percent stock trading.

The trading volume of China Fortune Securities's branch in Leqing, a small town, accounted for 0.04 percent of the company's total trading volume, up from 0.03 percent in 2000, the head of the branch said.

The idle money in Zhejiang province totals 830 billion yuan (about 100 billion US dollars), most of which is owned by rural residents, according to the Hangzhou branch of the People's Bank of China, the central bank.

Affluent farmers used to have no way of safeguarding with theirmoney other than saving it in the bank, but now choices come to them when securities companies come to their villages.

Most of the securities companies here have offered local farmers free training about finance and securities in a bid to expand their business.


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