By Stephen Green
16 years after the 1st stocks have been traded in Shanghai, China's stockmarket is now regarded because the constructing world's most vital marketplace and is already the 3rd biggest in Asia. all of the huge Western banks and funding agencies have a powerful presence in Shanghai. Now that China has join the realm alternate employer (WTO), the expansion of the chinese language stockmarket is being eagerly watched.
This is an informative and obtainable advisor to China's stockmarket. It explains the construction of the marketplace and the way it has built because the Eighties. Key policies are tested; significant scandals acknowledged; and the different sorts of investors—institutional and individuals—analysed. ultimately, the ebook maps out the most likely improvement of China's stockmarket over the next ten years and examines the possibilities and hazards concerned for international traders.
Read or Download China's Stockmarket: A Guide to Its Progress, Players and Prospects (The Economist) PDF
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Extra resources for China's Stockmarket: A Guide to Its Progress, Players and Prospects (The Economist)
7 shows the world’s largest equity markets at year-end 2001 in terms of market capitalisation: China ranks eighth, an extraordinary achievement for a market only 15 years young. However, this figure uses the official market capitalisation figure, the one that includes non-tradable shares valued at market prices, and therefore gives a false impression. If a more realistic market capitalisation figure of $170bn is used, China then comes in 20th place, trailing after Brazil, Finland, Argentina and Taiwan.
And while corporatisation had been accepted as an alternative in theory at the 1993 party plenum, it had so far not received strong backing, and was not being rolled out on any scale among the larger soes. By 1996, things were getting desperate: in the first quarter of the year the soe sector as a whole recorded its first ever net loss. And so in 1996 efforts to implement shareholding reforms intensified. 21 CHINA’S STOCKMARKET In theory, corporatisation entails the transformation of soes with no clear property rights into independent lps with shareholders who have limited liabilities.
Some senior figures in the csrc, as well as most investors, have long believed that such high p/es are unjustifiable. This was one reason that many csrc officials were not over-concerned with the massive price falls of 2001–02. 98 Source: PBOC ing value rather than creating it? The reasons are rooted in the wider problems of China’s transitional financial sector. Three factors are particularly important: a lack of alternative investment options, limited company share floats and the soft budget constraints of many institutional investors.