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China stock market able to develop healthily

(Agencies)
Updated: 2008-07-02 16:50

China's overall fundamentals remain sound despite unprecedented challenges in the international economy, with the country's stock markets capable of achieving healthy development even under such conditions, and even without excessive policy support, Xinhua said.

Calling the challenges in 2008 "unprecedented," Xinhua also said in a commentary that the situation is "better than expected."

Economic indicators such as the 10.6 percent GDP growth in the first quarter prove that "the current overall economic performance is still good... the economy is becoming more stable even though growth may be slowing."

It noted that the central government's insistence on strengthening and improving macro-controls are intended to maintain a stable but rapid trend of economic growth.

Xinhua said stocks cannot be delinked from the macro economy and because the underlying economy is sound, the stock market always carries the potential to turn in a healthy performance.

Since the beginning of this year, the stock market has experienced intense turmoil, but a series of regulatory measures shows the government's strong commitment to create a good environment for stocks, it said.

Xinhua said defects in the system and premature measures were exposed during the stock market's recent difficulties - problems which must be resolved and perfected.

"A healthy market should not be too dependent on short-term policy stimulation," Xinhua said, noting that China's stocks have not yet completely emerged from the shadow of a "policy-support market."

Stock markets must not rely on any single element, and must see through the maturation of all its components, including regulators, investors and listed companies, Xinhua added.