Recent Trends of the Chinese Stock Market

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중국금융시장이 다른나라의 호황에도 불구하고 부진한 이유에대해서 다룬 리포트입니다

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Introduction
China, the world’s second largest economy, has experienced magnificent economic growth with its growth rate averaging 10% over last 30 years. It has become the largest exporter, the second largest importer in the world (World Bank, 2011) and its economy has become the one of the most important in the global economy.
During the 2007 sub-prime mortgage crisis leading up to the collapse of Lehman Brothers, AIG, and Fannie Mae, China and other countries experienced tremendous downturn in their economies. Many business sectors suffered large losses due to decreased consumer confidence, wealth, and decline in overall economic activities. As consequence, there were sharp decline in stock prices following the crisis and overall outcomes resulted in price instability and high unemployment rate.

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All three factors above have had the same effect: they increase the supply of stock within the market. However, a contractionary monetary policy and more emphasis on risk management have decreased the ability to participate in the stock market. This has all led to a situation where there is too little demand but oversupply of stocks, creating an imbalanced situation. Also, the 2011 reform regarding non-circulation stocks has also had effect on the supply-demand imbalance, as it has increased the amount of stocks circulating in the market. All these factors contribute to oversupply, decreasing Chinese share prices.

참고자료

· Croushore, D. (2011).Macroeconomics. (7th ed.). Boston: Prentice Hall.
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· Katsuji, N. (2000).
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· Zhang, Liqing (2009).China’s Policy Responses to the Global Financial Crisis: Efficacy and Risks
· Bloomberg, http://www.bloomberg.com
· CEIC, http://www.ceicdata.com
· Kiwoom Securities, http://www.kiwoom.com/
· Young, m/
· Shanghai Stock Exchange, http://www.sse.com.cn
· The People’s Bank of China, http://pbc.gov.cn
· Trading Economics, http://www.tradingeconomics.com
· Yahoo Finance, http://finance.yahoo.com