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Turnover of China's Two Bourses Topped RMB 18 Trillion in Ten years
China's two bourses, Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE), have totally raised RMB 480.3 billion with a total turnover of RMB 18.2 trillion in the past ten years. The total revenue of stamp tax for stock trading hit RMB 13,94 million in the past decade, and all major indicators are growing robustly.
Zhao Xiaoping, director of the Information Center of SSE reveled the above figures Thursday at a senior seminar held by CCTV.
He said in the view of statistics, the process of development of China's stock market in the past ten years is basically divided into two stages. In the first six years, the amount of capital raised is RMB 95.4 billion, nearly accounting for 20 percent of the total. In recent four years, the figure is RMB 284.9 billion, accounting for 80 percent of the total. The turnovers in the two periods are RMB 2.8 trillion and RMB 14.4 trillion, accounting for 20 percent and 80 percent of the total, respectively. The revenue of stamp tax in the periods are RMB 21.5 billion and RMB 117.9 billion, accounting for 15.4 percent and 84.6 percent of the total, respectively.
He also compared some data of 1995 with those of this year. He said in 1995, the total market value accounted for 14.5 percent of GDP. By the end of this year, the percentage is expected to be 55 percent, growing by 2.8times. In 1995, the capital raised from stock market accounted for 0.42 percent fixed asset. In this year, the figure is predicted to be 5 percent, up by nearly ten times. In 1995, the revenue of stamp tax accounted for 0.2 percent of the national fiscal income. He figure for this year is estimated to be 3.83 percent, growing by 180 times. The income tax of listed companies declined by 11 percent, with the proportion of income tax of listed companies to the national fiscal income drooping from 1.7 percent five years ago to 1.5 percent this year. Furthermore, five years ago, the negotiable shares accounted for more than 20 percent of the total stock capital, and the market value of negotiable shares made up 3.9 percent of GDP; currently, it has take up 18 percent of GDP.
According to his estimation, as the increase of base, both the growth of the proportion total market value to GDP and that of stamp tax will get slower. By the end of 2005, total market value is expected to account for about 70 percent of GDP. As the securities regulatory departments are making efforts to resolve the problem of equity structure, five years later, the proportion of negotiable shares will be raised from 30 percent to 70 percent, which means the total market value of negotiable shares will account for 50 percent of GDP. (Panorama)
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