Stock market value exceeds bank deposits in China
18/5/2007 15:33
The Chinese mainland's two stock exchanges saw their market value
surpass the country's savings deposits, making stock assets a major aspect of
the nation's wealth, the China Securities News reported Friday.
Combined
market value of the two bourses in Shanghai and Shenzhen hit a record 17.43
trillion yuan (2.23 trillion US dollars) on the previous trading day, said the
report.
The figure compares with the country's savings deposits, which shrank
by 167.4 billion yuan in April this year to 17.37 trillion yuan.
However, the
recent fluctuations of Chinese share prices made many retail investors balk at
the stock market.
The number of the A-share trading accounts opened daily
declined to 240,000 yesterday, from 299,800 on May 15 when the key Shanghai
Composite index slumped 3.64 percent to below 3,900 points and from 326,000 on
May 9 when the index broke the 4,000-point mark.
Xinhua
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