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Stock market fever better than real estate fever, expert

www.chinanews.cn 2007-04-11 08:50:07

Chinanews, Shanghai, Apr. 11 �C 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 forum on capitalization
management for listed companies held in Beijing.
Since 2003, investment capital supply has always exceeded the demand.
Last year, excessive liquidity 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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Reproduction in whole or in part without permission is prohibited.
Disclaimer: viewpoints in the website do not represent China News Service

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