1. There's a saying locally in Shanghai, CCP's policy is, if the housing price is high, then they need to 'control' stock market. The other way is also true. Therefore we all expect 12 will be a good year for shanghai index, since CCP's determined to beat down housing price.
2. For the last 5 yrs greater china area leads global IPO, if you look at the total market cap growth as a measurement, then shanghai index is not doing so bad.