Scale of China's Securities Market Remains to Be Expanded: ExpertOn the whole, China's securities market develops slowly and the current scale is still smaller, said Zhang Hanya, director of the Investment Research Institute of the State Development Planning Commission, on the "2000 China's Finance" international symposium held Wednesday.Statistics show that from 1981 to 1998, China totally raised 1906.9 billion yuan on the stock market, accounting for 11.2% of the accumulated amount of investment in fixed assets or 3.7% of GDP in the period. The securities market develops with a lower speed and the market scale is still smaller. The structure of the securities market is also unreasonable, reflected in the lower proportion of stock issuing on the primary market and the circulation of bonds on the secondary market. The market as a whole excessively depends on stock. By the end of 1999, there were 947 listed companies on China's stock market, issuing 290.885 billion shares altogether. The total stock market value reached 2647.117 billion yuan, and only 95.234 billion or 32.7% of the shares issued were negotiable. The accounts opened by A-share investors reached 44.81 million, 140,000 of which were opened by institutional investors, accounting for 0.31%, and those opened by individual investors accounted for 99.69%. Such structure of investors is quite different from that of the stock market in developed countries. |
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