China's stock market but also "bears" How long?.

<P> "Now work like a tasteless, but a lot less uncertainty." .</ P> <P> 35-year-old little Jia Xiang, calm and indifferent tone. .He is currently working for an international news agency Reuters, was a Chinese financial consulting analyst. .Before that, he made a 12-year securities analyst. .As an insider, he almost witnessed the birth of China's capital market has all the big events. .</ P> <P> he said, now back to a more broad perspective and the securities industry, but see more clearly. .</ P> <P> 1993 year, slightly Xiang Jia graduated from college financial professionals, jumped into the nascent Chinese stock market, a securities company in Hainan in the analysis. .At that time the stock market, full of ambitious people, in the gold market, while they enjoy ride the "roller coaster" of pleasure. .</ P> <P> "90 mid, the stock is up mad, then there is no price limit, I earned the maximum 40% of the day, and I've seen the biggest increase was 108% a day." .Speaking of the crazy years, Jia was slightly excited. .</ P> <P> By 1999, the stock market, "5.19" market, stock index since May 17 of 1047 attack points, in just a half months, up 68%, 30 June 1999 Shanghai .Index of upside to 1756 points. .</ P> <P> At the same time, China's economy continues to growth. .</ P> <P> to June 2001, the market shot up to a maximum of 2245 points in history, people began to imagine 3,000 or even 4,000 points, and even enjoy some well-known economists are advocating. .People dream of overnight riches fantasy to continue. .</ P> <P> but the stock market is a big turn the corner, never recovered, no longer stop the trend of decline. .</ P> <P> "5.19 market, completely under the government's birth, three years of restructuring state-owned enterprises in order to complete the task, fail or be bad to a large number of state-owned enterprises listed on packaging. Head to free it, just grabbing the money, the regulatory .the conscious level to push the market up artificially create this market, or even acquiescence illegal funds into the market. "Jia summed up. .</ P> <P> He was already very aware of the basis of the stock market, but they do not always feel from the past, to catch finished the last pot of gold walk, "but the higher the building was built, the more that the basis of .The is not strong. " .</ P> <P> the next 5-year long bear market, many investors stuck to their confidence has been a huge influence, anger appeared on the market, as well as asking the Government to rescue the market mood, asked to make up their .loss of voice. .During the two sessions each year, "How do stock market" as one of the issues people are most concerned about. .</ P> <P> as securities practitioners, Jia looks bad. .In 2003, he moved to Shenzhen, a leading investment consultant company to do. .At that time the stock market downturn, began appearing in television "black mouth", the company so that he also engaged in such work, but was he refused. .He again resigned to join the middle of a well-known securities firms, continued to make strategic analyst. .</ P> <P> But a year later, he located the crisis of securities companies, all white world of open issues, "the message is internal, including the misappropriation of margin account, the company is 50 billion capital hole" .. .</ P> <P> "then just feel that they have been deceived to know companies and promote the integrity of the corporate culture is very different and done it themselves." </ P> <P> Jia Xiang on this slightly .market completely disappointed. .</ P> <P> With many years immersed in the capital markets, and good foreign language, he succeeded in a career change. .His financial consulting agency where the post of analysts, the equivalent of financial journalists. .</ P> <P> back again talking about this issue, Jia seem tolerance, "can not blame his own company, at that time almost all brokerage firms 'bad boy', do 'good boy' can only be death." .</ P> <P> Jia where the company's problems, but China's stock market problems over the years as a microcosm. .In fact, over the past 16 years, the securities company as self-violation, no formal financing channels, large shareholders control problems, loss of off everywhere. .Performance of listed companies fraud, security chaos, shareholders in the money, poor governance and other issues is endless. .</ P> <P> "When we look at China's capital market, like watching a western movie, you can see the good guys, bad guys, the good, the bad guys together, there are heroes and hooligans, we are .There is hope, but we are competing with each other. "Goldman Sachs Group (Asia), Fred Hu, Managing Director commented Road. .</ P> <P>.