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Chinanews, Beijing, May 22 – Over the past few months, the number of new stockholders that opened an account in the stock market kept soaring. Seeing this, some people claim that China has entered into a new stage when nearly every Chinese seems to have plunged1 into the stock market. However, an official from the State-owned Assets Supervision2 and Administration Research Center (SASACRC) recently said such claim did not reflect the real situation.
The statement was made by Wang Zhongming, head of SASACRC, when he attended the 2007 Securities China Investment Forum3 held in Beijing last Saturday. At the forum, Wang voiced his strong support for Chinese stock market. When talking about the widely concerned claim that almost everybody in China is trading in the stock market now, Wang said people's enthusiasm in the stock market was “actually a very good thing.” To Wang, Chinese people's enthusiasm in the stock market was not as high as some people thought. Although information from the China Securities Depository and Clearing Corporation shows that the number of people that have opened an account in the Chinese A-share market have now reached 95 million, which is arrived at by adding the number of stockholders in both Shanghai and Shenzhen stock markets. If the number is divided by two, we can see that there may be only 40 million stockholders in China. Among these 40 million stockholders, at least half of them (20 million) have dormant4 accounts: these people are either migrant workers or those stockholders who only speculate in new stocks. So, in fact, there may be only 20 million stockholders who really have active transactions in stock trading and this number is very small in the total Chinese population. “At present, we shouldn’t presume that the market is ‘overheated.’ If anyone holds this view, he should verify his point with good evidence,” Wang said. On the other hand, Wang said it might be a bad thing for every Chinese to speculate in stocks. As long as we supervise the market with effective measures, it may not bring any negative impacts, he said. “Generally speaking, the current bullish stock market is good, for it not only shows that the stock market is bullish, in essence it reflects that Chinese market economy is really ‘bullish.’ Chinese people have worked hard and paid a lot to expect the day to come. So we should not regard the current stock market as something horrible. Instead, we should cherish the present situation, since it indicates that Chinese people have entered into a new era when they can create their fortune,” Wang noted5.
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