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BIZCHINA> News
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Stock index edges up
By Li Zengxin (chinadaily.com.cn)
Updated: 2007-05-25 16:17 On a broader perspective, the uprising of China's capital market is attracting the world's attention and becoming more influential to the global financial market. Yesterday Alan Greenspan, former president of US Federal Reserve, said he expected a sudden plunge in China's overheating stock market. Taking the comments as a short-side signal, Dow Jones index slipped 0.62 percent. Domestic experts believe Chinese investors used to be less sensitive to the words of the world's "big heads". Many individuals shrugged off the retired US central bank governor's comments, with some extreme optimists feeling "annoyed" by the voices. But the fact is, no one can deny that China's capital market may no longer develop in an isolated environment. The country is stepping up efforts in further opening up the securities industry, the weakest and most preserved, following the footsteps of the banking and insurance sectors. As a latest development, China has agreed to resume allowing overseas market players to set up joint venture securities firms in the country. China will also allow international firms to expand from investment banking to brokerage, principal investment and asset management businesses later this year. (For more biz stories, please visit Industries)
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