COUNTRIES: CHINA : BUSINESS : INVESTMENT: STOCK MARKET: China's Market Meddling Could Do More Harm than Good

David P. Dillard
 

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COUNTRIES: CHINA :

BUSINESS :

INVESTMENT:

STOCK MARKET:

China's Market Meddling Could Do More Harm than Good

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China's Market Meddling Could Do More Harm than Good

By Charles Riley

CNN Money

Updated 17:45 PM PHT Tue, July 28, 2015

CNN Philippines

http://cnnphilippines.com/business/2015/07/28/ china-stock-market-crash-intervention.html

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A shorter URL for the above link:

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http://tinyurl.com/oyt5y6v

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Hong Kong (CNNMoney) When the bottom fell out of China's stock market last month, the government in Beijing used every trick in the book to stop its dramatic slide.

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Until Monday, when the Shanghai Composite lost 8.5%, the intervention appeared to have worked. Investors enjoyed two weeks of relative calm, and recovered some of the $3 trillion wiped out since the market peaked in June.

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But was that a good thing, or does the rescue attempt risk longer term damage to China's economy?

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The central bank cut interest rates to a record low, regulators suspended new share listings, and threatened to throw short sellers in jail. Other measures were more desperate: Officials organized the purchase of stocks using central bank cash. Companies were allowed to suspend their own shares at one point more than half the market was frozen.

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snip

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Shanghai stocks had gained roughly 150% over 12 months prior to the crash, despite slower economic growth and weaker company profits. Why act so aggressively to stop a correction in a market that had become so divorced from reality, critics ask? And will Beijing ever allow a greater role for markets?

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China had been edging away from the command and control strategy that prevailed for decades. Reforms meant to strip power from massive state enterprises are underway, and Beijing hopes the yuan will become a currency of global trade and finance.

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Signaling a major shift in approach, the Communist Party promised in 2013 that markets would be allowed to play a "decisive" role in the economy.

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Critics say that the pledge was discarded in the face of a stock market panic, when officials quickly reverted to old habits.

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The complete article may be read at the URL above.

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