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Shanghai's benchmark Composite Index touched a stunning all-time high of 2,847.62 on the stock market's first trading day in 2007. Although the index tumbled in the afternoon, it still closed the day at a point higher than the previous record high set in late December.

 

The Chinese stock market's latest bull run that started in December was mainly triggered by the removal of $250 billion worth of non-tradable shares and the public listing of such heavyweight State companies as the Industrial and Commercial Bank of China (ICBC).

 

Decision-makers deserve credit for resolving the problem of non-tradable shares to revive the market, which was in a bearish mood for most of the past four years.

 

They designed a reasonable solution to a highly complicated, difficult problem, an overhang preventing healthy development of the market ever since its establishment in the early 1990s.

 

The regulators also showed strong determination in implementing the plan, which initially was controversial.

 

The surging market also represented a vote of confidence on the prospects of the Chinese economy from both domestic and international investors.

 

To them, the market seems to be moving to a normal track that promises to provide a reliable vehicle for investors to benefit from the thriving Chinese economy.

 

However, as always, sizzling share market growth prompts growing speculative activities and attempts to manipulate the market for illegal profits.

 

Regulators should have a sense of urgency in mending loopholes that create room for market manipulation, which could easily hurt small investors.

 

Speculation is unavoidable in any stock market.

 

However, there must also be strong enough voices warning against exaggerated growth prospects.

 

A stock market's performance is decided by whether companies listed there can bring good returns to their investors.

 

Many investors often forget this in their buying euphoria, only remembering it when financial reports arrive.

 

Listing of big banks led by ICBC created a rush of new funds, which pushed up the market.

 

The performance of these newly listed corporations could be an important determinant in the fate of the current bull run.

 

(China Daily January 5, 2007)