NASDAQ Official Dismisses Pessimism About Internet EconomyA NASDAQ official has said in Beijing that the widespread pessimism about the Internet economy is unnecessary and the plunging price in technological stocks is only a result of normal market correction.Huang Huaguo, chief representative of National Association of Securities Dealers Automatic Quotation (NASDAQ) China Office, dismissed the pessimism about the Internet Economy at a forum on international fund-raising, saying that the impact of the plunging technology stock prices will gradually diminish like waves produced by a stone thrown into a lake. However, the prospects of the Internet Economy will be promising just as "the scenery around the lake will grow even more beautiful". He predicted that the NASDAQ index will climb back to over 4, 000 points at the end of this year. While NASDAQ only represents one third of the American capital market, Huang said, it has nurtured quite a number of small enterprises helping them grow into world-renowned multinationals. Companies listed at NASDAQ provide about one out of every six job opportunities in the United States, Huang added. Huang also revealed that NASDAQ's ambition is to expand into a global market and link all major financial markets worldwide by joining hands with financial markets in Japan, Europe and Hong Kong. He added that NASDAQ-Hong Kong will also be launched at the end of the month, making it possible for investors to trade NASDAQ stocks at the Stock Exchange of Hong Kong. "The launch of NASDAQ-China is also foreseeable in the future," he said. Chen Fan, president of the Bank of China International (Asia) Co. Ltd, echoed Huang's view, saying that the integration of capital and economic entities with information space will eventually result in great power and the growth of an Internet economy is already an irreversible trend globally. |
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