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People's Daily Online>>China Business

Investor shakes off bear market blues

By Chen Jia (China Daily)

08:51, February 24, 2012

BEIJING - The experience of investing in the stock market last year was depressing for Wei Xinrong, a 52-year-old restaurant co-owner who is taking a wait-and-see attitude this year.

China's stock market, which dropped more than 21 percent last year, sucked more than 300,000 yuan ($48,000) out of Wei's account by the last trading day. In the first month of last year, Wei had 1 million yuan invested in five companies.

The Shanghai Composite Index, which tracks China's biggest stock exchanges, closed at 2852.65 on Jan 1 last year. It reached a high for the year of 3067.46 on April 18, then slipped to a three-year low of 2132.63 on Jan 6 this year.

"I expected the large-cap stock index would rise above 3500 in the past few months, but I felt disappointed when I saw the continuous declines," said Wei, who wanted to buy a house for her newlywed son. "But the loss forced me to give up the plan."

"There may be some problems in the stock market that need the attention of top officials," Wei said. "For example, it's unreasonable that so many new share prices drop below the issue price soon after the initial public offering."

"I would not like to call the stock market a 'machine for recycling money', but it seems that way."

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