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May 17, 2008 1:06:18 AM CDT

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China's Stock Market Soars to Record  

Posted May 28, 07 8:17 PM CDT in World,  Business    Editor's Choice

(newser) – Despite Alan Greenspan’s warning that the market was due for a correction, Shanghai’s stock market index topped 4000 today. So far this year the Chinese stock market has doubled. Since 2006 it has quadrupled. The main driving force behind the surge has been an odd form of democracy.

Equity investing has spread widely from the traditional world of professional investors and businesspeople to include students and pensioners. Last week ordinary Chinese were opening stock market accounts at the rate of 300,000 a day, causing one wag to opine that “buying shares was the new Chinese national pastime.”

Source BBC

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China's Stock Market Soars to Record
An investor reads information on stocks with a magnifying glass at a stock exchange in Wuhan, China Monday May 21, 2007. Chinese stocks rose to a record close Wednesday for the third straight session...   (Associated Press)
China's Stock Market Soars to Record
  ()
China's Stock Market Soars to Record
An elderly Chinese investor looks at a peak in a stock price as he monitors a screen at a stock brokerage in Beijing Friday, May 11, 2007. China is in the grip of stock market fever. Prices have soared...   (Associated Press)
China's Stock Market Soars to Record
A Chinese investor checks stock price at a securities company Wednesday, May 9, 2007 in Shanghai, China's financial hub. Shanghai's stock index briefly rose above the key 4,000 mark Wednesday as investors...   (Associated Press)
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