THE number of stock accounts in China is now around 100 million, according to official data, a figure equivalent to 17 percent of the country's urban population.
As of Friday, the number of accounts for the trading of A shares, B shares and securities funds on both the Shanghai and Shenzhen stock exchanges totaled 99.82 million, the China Securities Depository and Clearing Corp. said on its Web site.
The number of such accounts has recently been increasing by about 300,000 each day, so it likely totals more than 100 million now. This compares with nearly 80 million accounts at the start of this year.
Class A shares are denominated in the yuan and open only to local investors and certain qualified foreign investors, while class B shares are denominated in U.S. dollars in Shanghai and Hong Kong dollars in Shenzhen and are open to domestic individuals as well as foreign investors.
The growth of new trading accounts comes as the stock market continues to boom. Over the past 13 months, the benchmark Shanghai Composite Index has tripled in value on persistently strong liquidity.
China's main stock index climbed above 4,300 points for the first time yesterday, boosted by property and coal shares, though some institutional investors worried the market might be overheating.
The Shanghai Composite Index ended the day up 1.47 percent at 4,334.924 points, slightly more than a point off its record intra-day high.
Rising stocks outnumbered losers by 563 to 281. Turnover in Shanghai A shares was very heavy at 243.5 billion yuan (US$31.8 billion), though down from Monday's 251.8 billion.
Individual investors continued piling into stocks.
"The index is higher than expected but I think the bull run will not stop this year, even if there is a temporary pull-back caused by government efforts to cool the market," said Zhang Yanbing, analyst at Kinghing Securities. He said the index might reach 5,000 points in 2007.
But many institutions believe that with the index up 62 percent this year, a substantial pull-back is likely. One catalyst could be the launch of stock index futures, if investors sell blue chip components of the futures index to hedge buying of the futures.
A front-page report in the official China Securities Journal yesterday quoted Fan Fuchun, deputy chairman of the China Securities Regulatory Commission, as saying the futures would be launched at the "right time" after preparations were completed.
His remarks contained nothing new from previous official statements, but they implied to some traders that the launch might occur in the next few months.
Reduced bank deposits by Chinese households suggest that a large amount of money is being invested in the capital market, according to the central bank.
Household deposits decreased by 167.4 billion yuan ($21.7 billion) in April. In contrast, they increased by 60.6 billion yuan ($7.9 billion) at the same time last year, the People's Bank of China said on its website yesterday.
The high growth rate of M1 a narrow measure of money supply that includes cash and demand deposits plus diminishing household deposits suggests Chinese households are keeping money on tap for investment in the capital market. The red-hot stock market has grown by more than 50 percent this year after doubling last year. Stock mania is sweeping the country despite warnings of a speculative bubble but small investors are rushing to pull out money from bank savings accounts and deposits to pump them into the share market.
Some are even mortgaging their houses or dipping into retirement savings to feed the frenzy.
Economists say the government should take steps to moderate the price surge or risk a sharp fall that could hurt millions of small investors.
"This is a very critical time. If policy adjustments take place now, the market can still have sustainable development," Hong Liang, a Goldman Sachs economist, told Associated Press. "The longer they wait, the harder the eventual landing will be."
Enthusiasm for stocks is fueled in part by a lack of other attractive investments and low interest rates.
Some have made fortunes in the booming real estate market, but the government is cracking down on speculation to rein in soaring housing costs.
On Friday, the government announced it will raise the amount that Chinese banks are allowed to invest in stocks abroad, possibly diverting some of the money pouring into domestic markets. But economists said the amounts involved will be too small to affect the country's money flows.
Regulators have also discussed raising interest rates on bank savings to make them more attractive and creating other new investment options but have announced no timetable. There has also been some talk of imposing a capital gains tax to cool off speculation.
The securities watchdog on Friday urged stock exchanges, securities dealers and other authorities to educate investors about the risks of stock market trading.
The institutions must make investors understand that stock markets are risky and they should be cautious in entering, especially those who use all their savings or pawn their apartments for loans to invest in stocks, the notice by the China Securities Regulatory Commission (CSRC) said.
Saying that the number of "irregularities" in the stock market was rising, the CSRC also told listed companies, securities dealers and other related institutions to release accurate, authentic, complete and timely information.
朋友们应该都注意到了:现在满大街的人都在谈论股票,大家无论围坐闲聊，还是在饭桌上高谈阔论，说着说着必定又绕到这一热点。不是“切磋”交流炒股经验，就是互相“通报”小道消息，那么时下真是到了全民炒股票、炒基金的“红火期”?
记者周雪松５月２０日北京报道 :国务院国有资产监督管理委员会研究中心主任王忠明昨日在京出席“２００７证券中国投资论坛”时力挺当前股市，在谈到备受关注的“全民参与炒股”时，王忠明说：“我觉得这是一件天大的好事。”王忠明认为舆论的宣传要防止“失明”。“比如说‘全民炒股’，我认为这个概念都不太确切。
“这种现象能够代表全民都在炒股吗？至少在我的周围，我的调查发现，十人至少有五人没有进入股市，还在股市门外。”王忠明说，当然，这是否和个人人脉结构有关还有待考证，但总体来讲，当前存在预设一种过热来判断这个市场的状况。“假如（股市）是真正的过热，一定要有充分的数据。”在这个过程中，媒体扮演了一个推波助澜的角色。
“我认为今天的牛市大概是很好的情形。牛市不仅体现的是股市之‘牛’，相当程度上展示了中国市场经济的发展之‘牛’。中国人民为了今天的到来已经支付了足够的成本，所以绝对不应该对我们今天这个牛市的展现视作洪水猛兽，应该倍加珍惜。它标志着中华民族进入一个新的财富创造的时代。”
王忠明说，在这个时代当中，不用你做太多的动员，有越来越的人进入这么一个资本财富的创造过程，有什么不好呢？“我认为应当有更大的宽容，来深刻的理解（当前）牛市的价值，牛市的内涵。它体现了市场经济的价值，让更多的股民在这样一种股市操作――买进买出的过程中体会什么是优胜劣态，什么叫做自负盈亏。”
在王忠明看来，这是一件天大的好事，它是来之不易的，更多是对于国家的一种信心，是对我们社会发展的一种信心，甚至也包括对上市公司企业发展的预期。
“市场经济是有监管的自由经济，也是有自由的监管经济，今天股市的状态对我们驾驭市场经济的能力是一种考验。”王忠明重申，即使是全民炒股也未必是一件坏事，当然，其前提是有效的监管，必要的措施到位。
可能世界各个国家都在讨论中国的经济和中国的证券市场。有很多人认为中国的泡沫很大，有很大的问题，有很大的风险。有些人认为可能没有那么严重，甚至说这是很好的时间。
Let's follow the government's call and do it....
在当今满大街都在谈论股票的时期,让我们也来探讨探讨这个HOT的话题,到时候会有来自恒生银行的Nick和深圳航空公司的股票行家RodgeLiu和大家做些交流.
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