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Experts warn not to exaggerate positive role of state-owned shares transfer in stock market |
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17:07, June 22, 2009 |
State-owned shares transfer to have a far-reaching influence on China's capital market
State-owned shares transfer will have a limited impact on the secondary market. It should be understood that the transfer is a positive systematic adjustment made by the domestic capital market based a long-term perspective. The market cannot exaggerate the advantages brought by the transfer policy; instead it should remain rational.
The majority of state-owned shares were issued prior to the split share structure reform. Following the reform, a few newly-issued state-owned shares can be transferred to the SSF, and time is needed to accumulate them.
The market should have a rational understanding of this. While the current economic environment is still unclear, investment should be made using a calm decision-making process.
Experts also emphasized that one of the most significant objectives of the current transfer of state-owned shares to the social security fund is to replenish the fund, not to use more social security capital to stabilize the stock market, as the market believes.
The SSF is used for common people to survive and it is forbidden to casually use it for profit-making. Therefore, in the process of implementing the abovementioned policy, neither the management nor the market should overemphasize the SSF's function in boosting the stock market.
By People's Daily Online
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