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PetroChina Co. Ltd. Message Board

  • mr_anrits mr_anrits Oct 18, 2007 10:01 AM Flag

    "Chinese investors have taken irrational exuberance to entirely new levels"

    Chinese investors have taken irrational exuberance to entirely new levels. On Oct. 15, the Shanghai Stock Index blasted through the 6000-point mark, and closed at 6337 on Oct. 17, up an astonishing 125% since the beginning of the year. The broader CSI 300 index of the top Shanghai- and Shenzhen-listed companies is up 185% and shows no signs of slowing. "It's totally out of control," says Carl Walter, a managing director at JPMorgan (JPM) in Beijing who co-authored a book, titled Privatizing China, about mainland stock markets.

    Government officials are worried. Shang Fulin, chairman of the China Securities Regulatory Commission, raised the alert during a panel discussion at the 17th National Congress of the Communist Party in Beijing this week. "I want to express my concern over the lack of risk awareness among investors," Shang was quoted as saying by the official China Daily newspaper on Oct. 17...

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