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Chinanews, Shanghai, Apr. 11 – China should guide excessive capital to flow into the stock markets. The government's proper industrial policies and the operation of the capital market can boost industrial restructuring and help upgrade the competitiveness of the national economy, said Wang Xiaoguang, head of the Economic Situation Analysis Department from the Macroeconomic Research Institute under the State Development and Reform Commission, the Shanghai Securities Journal reported.
He made the statement while attending a senior forum1 on capitalization management for listed companies held in Beijing. Since 2003, investment capital supply has always exceeded the demand. Last year, excessive liquidity2 in investment market reached 815 billion yuan and according to related researches, 92% of this excessive capital had flowed into the real estate market, mostly in Beijing, Shanghai, Guangdong, Jiangsu and Zhejiang. While the GDP of these five regions accounted for 35% of the national GDP, the capital amount put by these five regions in the real estate market accounted for 71.7% of China's total capital amount in the real estate market. Based on the past experiences of the United States and Japan, Wang said stock market fever was actually better than the fever in real estate market. By developing the stock markets with this excessive capital, China can upgrade its industrial structure. The government's industrial policies can function together with the operation of stock markets and they two can promote the development of heavy chemical industry, equipment manufacturing industry and modern manufacturing industry, which will become the future trend of industrial upgrade. In the end, industrial upgrade can raise the competitiveness of the national economy, Wang said.
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