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中國 株式市場의 現況과 發展方案

Lee Kwang-Jae 1

1숙명여자대학교

Candidate

ABSTRACT

Chinese stock markets have grown remarkably only in 20 years ever since the Chinese government started the economic policies of welcoming foreign investments and privatization of firms. The effective business and economic growth strategies and aggressive holdings of foreign investments by the Chinese government enables Sanghai, Shimzin and Hong Kong stock exchanges to be the world's major stock markets, even with their relatively short histories. Like other emerging markets, however, these Chinese markets need to solve several important problems, which they are already faced with, and will be faced, not in the long future. Firstly, the stock markets have been over-heated, especially,during 2008 Beijing Olympic session, thereby most Chinese stocks are relatively over-priced than their intrinsic values. This may cause enormous investment losses when the price bubbles blow out in the near future. The easily anticipatable depressions in world-wide commodity markets will be driven by the global financial crisis which started in 2008, and still goes on now. Secondly, the annual stock returns of 30% on average, the Chinese stock investors have experienced during past 20 years, could lead investors to expect higher returns than ever. Chinese investors would behave as dangerous speculators than rational stock investors who require the normal level of stock returns, which is equivalent to their annual GDP growth. To prevent future detentions and preserve the glowing market performances that Chinese people have ever made, they must be eager to learn and adopt the effective market surveillance mechanisms, which leading stock markets in United States,Europe, Japan and Korea have persistently suggested through their abundant market experiences.

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