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China's securities regulators will recommend to the State Council that institutional investors be allowed to buy more shares in order to revive the stock market, which is currently in the doldrums, according to a report from Xinhua-run Shanghai Securities News on Thursday.

 

The recent stock index downturn has rung bells at the China Securities Regulatory Commission (CSRC), the country's securities watchdog, the newspaper said.

 

"If insurance funds, social security funds and corporate pension funds are allowed to buy more shares, this will inject more liquidity into the share market," said Li Zhenning, president of the Shanghai Ruixin Investment company.

 

Shares now make up 20-30 percent of Chinese insurance fund and social securities fund portfolios, Li said. He expects securities regulators to lift this ratio to a more reasonable 40-50 percent level.

 

China's insurance companies and social securities funds are eager to beef up their shareholdings.

 

Xiang Huaicheng, chairman of the National Council for Social Security Funds (SSF), said the total capital available for SSF investment this year will be approximately 41 billion yuan (US$5 billion). Xiang said that 3 billion to 5 billion yuan would be invested in the stock market and 4 billion to 6 billion yuan earmarked for fixed return investments.

 

SSFs could steer 25 to 30 percent of their total investments into China's share market this year, he said.

 

SSF's total assets totaled 211.78 billion yuan at the end of 2005, a year-on-year increase of 23.9 percent.

 

"Insurance funds should invest more in the capital markets," said China Insurance Regulatory Commission (CIRC) Vice-Chairman LiKemu at a recent international forum.

 

China's stock market has enjoyed a solid run since late last year with periodic bursts of heavy profit-taking but the past month or so has seen several days of significant losses.

 

The total market value of shares listed on the Chinese stock market plunged by more than 400 billion yuan after the country resumed initial public offerings (IPOs) in June.

 

Dealers link the recent downturn to the upcoming IPOs, with many newly listed stocks expected to do well and provide quick profits.

 

Investors have been cashing in so that they can buy into initial public offerings, according to analysts.

 

The market now faces a shortage of funds of more than 30 billion yuan (US$3.75 billion). If timely measures are taken to boost share buying by institutional investors, the market will stabilize again, Li said.

 

"Only a stable and profitable market can guarantee the healthy and continuous development of the Chinese stock market," he said.

 

(Xinhua News Agency August 4, 2006)