The characteristics of China’s stock market
Shanghai and Shenzhen stock markets from a local stock market and become a national stock market. In December 1990 official business, the listed shares only a small number of a few, a very small scale but the stock market are basically the Shanghai or Shenzhen stock, such as Shanghai, only old boilerplate is an ex situ stocks. In its development of the stock market, the lack of strategic considerations, resulting in the expansion of the capital stock and the simultaneous expansion. particularly capital expansion, its speed is far faster expansion in the stock.
In the 1991-1996 five-year, the stock turnover from dozens of now expanded to nearly 3,000, the market funds from over 10 million to the now more than 3,000 billion. Listed companies only from the then nearly 20 to more than 400 now. the circulation of shares of listed only 300 million shares.
The stock market imbalance between supply and demand, causing share prices in the first two years hence the situation. Shanghai stock market from December 1990 started counting points on the end of 1992 had risen to 780, the average annual increase of 179%; Shenzhen stock market from April 1991 started counting, by the end of 1992 has risen to 241 points, with an average annual gain was 68.5%. As the price at the beginning or over two years, along with the expansion stock, in the first half of 1993 jumped to a historic high, the share price on the back, Shanghai and Shenzhen stock market entered a difficult period of adjustment.
1993 Shanghai and Shenzhen stock index closed at 833 points and 238 points. 1994 index closed at 647 points and 140 points. in 1995 the index closed at 555 points and 113 points. According to the foreign stock index rose speed and the actual situation of China, China’s stock market which is expected to also take time. If there is no country more serious inflation, the Shanghai Composite Index of 1,000 points if the stand probably still needs five more.
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