Category: Money tips Release Date: 2006-12-30
Last week, following the plunge in China's stock market after the stock market also emerged in other countries fell Quotes. A unit was referred to this as the "butterfly effect" immediately, the Chinese stock market, "source" theory rampant. In this regard, China Securities Regulatory Commission Chairman Shang Fulin, the rumor. He believes that China's stock market is now relatively small size, and the degree of internationalization is also not high enough, is virtually impossible to not have such an effect.
As the RMB exchange rate issue has been treated as a scapegoat for global economic imbalances, as in the current global stock market decline of the stock market, China has once again become a "target of public criticism." Perhaps China's financial markets have been outside for any sign of trouble with magnifying observation is that China's rapid economic rise in recent years. However, the acceleration of China's development not enough to produce such a shock to the global influence. The outside world's understanding of China is also biased.
It is true that in recent years, led by strength in the physical industry, China's already jumped to the world's fourth-largest economy. Manufacturing, trade and other entities, the industry continues to heat up in Shanghai and Shenzhen stock markets have also given a huge "Chinese values", making it a hot platform to attract foreign capital. In addition, the continued appreciation of the yuan as well as the appreciation of the expectations and challenges of overseas funds in the Shanghai and Shenzhen stock market enthusiasm. Despite the approval by the relevant departments in Shanghai and Shenzhen stock markets overseas investment quota is only 10 billion U.S. dollars of funds, but the market rumors, through various channels to enter the market overseas "hot money" has more than 80 billion U.S. dollars. As a result, the hot money has become the Shanghai and Shenzhen stock market volatility transmission to the transmitter in overseas markets, making China's stock market has changed in the past "closed operation" of the old situation.
However, it should face up to is, even if China's capital market has been expansion and strengthening of interaction with the outside world, but the capital market, some of the institutional arrangements, operational quality, and market environment, or the stock market in developed countries have great difference. Ruoqiang London and New York, blamed weakness in the stock market crash in Shanghai and Shenzhen stock markets, but in fact overestimated the actual influence of the Shanghai and Shenzhen stock markets. Today, China's stock market value of about 10 trillion yuan, the London stock market is only 1 / 4, accounting for the proportion of the global stock markets is less than 1%. The size of China's stock market alone, it is not in the global capital markets to "summon wind and rain" in. In fact, the world's stock markets dropped sharply led by a variety of factors. For example, U.S. economic data recently published less than ideal, Greenspan predicted the U.S. economy will face recession and the Dow Jones indices and the New York Stock Exchange trading system failures and other factors exist, all increased the United States and other major markets decline. The Chinese stock market and the oscillation at the same time, there are many by chance elements.
In fact, the Chinese stock market, "source theory" has been controversy with the "China threat" theory, as revealed in the outside world understand the Chinese economy many prejudices.
All along, GDP is to measure an important indicator of national economic strength. However, the international public opinion to observe China's economic indicators, often with the increment of the total GDP, given more attention, but intentionally or unintentionally neglected the per capita GDP and per unit GDP energy consumption were measured. This emphasis on appearance, light concrete way to understand misguided interpretation of the Chinese economy. In recent years, China's total GDP continues to rise, by the end of 2006 China's GDP reached 2.6 trillion U.S. dollars, ranking fourth in the world, there is with the developed countries "on an equal footing" is powerful, giving rise to a number of international response to China's vigilance and attention; however, China's per capita GDP is only ranked 110 in the world, even in developing countries, where sequence is also hardly outstanding. Moreover, in China's GDP rose high behind the unit energy consumption is high, the rapid economic development is accompanied by the plundering of resources exploitation. This extensive type of development is not only damaged the well-being of the Chinese people, but also affect the healthy development of the division of the global economy. The government work report last year's national economic and social development of the main objectives are: optimizing structure, improving efficiency and reducing consumption, protect the environment, based on the gross domestic product growth of about 8% is also based on this principle.
Can be seen, along with the improvement of economic strength, China in various fields and reveal the heads and feet is an indisputable fact. However, the Chinese, after all, a developing country, the regiment has not yet solidified, the order still need to be plastic, not yet strong enough to play on the global economy, "skillfully deflected the question," to shake the effects. China's stock market is also true, all kinds of groundless should have died.
