Two years later, China's first stock exchange counter, measuring no more than 10 square meters, opened to the public in Shanghai.
Maybe no one knows the early days better than Yang Huaiding, who is known to many Chinese as "Millionaire Yang" for his legendary success back in the 1990s in the newly opened Chinese stock market.
Yang, one of the earliest individual investors in China, was originally a wage earner with a monthly salary of 53 yuan. He started to invest in stocks after making his "first bucket of gold" through treasury-bond trades.
The 61-year-old man recalls how nervous he was at the time, worrying that he might be labeled a "speculator" or a "profiteer." At that time, stock investment was still viewed by many as speculation while laboring with one's hands to earn money was considered honorable.
In view of the early success of people like Yang, more people started playing China's stock markets.
According to the China Securities Depositories and Clearing Corp., the number of stock-trading accounts in China has exceeded 150 million. It means nearly one out of 10 people in China have a stock-trading account.
BIG EDGES, CHALLENGES
A growing stock market is not the only criteria to qualify Shanghai for a global financial hub. It also takes financial infrastructure, talents and investor confidence.
The People's Bank of China, the country's central bank, set up its Shanghai head office in 2005, which it said "is crucial to promote the construction of an international financial center in Shanghai."
Although all China's key economic policy makers are based in Beijing, Shanghai is home to most of the country's major financial markets, including the China Foreign Exchange Trading System, an interbank market, Shanghai Futures Exchange, the country's largest commodities exchange, and China Financial Futures Exchange, the country's only such futures market.
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Weekly review
Maybe no one knows the early days better than Yang Huaiding, who is known to many Chinese as "Millionaire Yang" for his legendary success back in the 1990s in the newly opened Chinese stock market.
Yang, one of the earliest individual investors in China, was originally a wage earner with a monthly salary of 53 yuan. He started to invest in stocks after making his "first bucket of gold" through treasury-bond trades.
The 61-year-old man recalls how nervous he was at the time, worrying that he might be labeled a "speculator" or a "profiteer." At that time, stock investment was still viewed by many as speculation while laboring with one's hands to earn money was considered honorable.
In view of the early success of people like Yang, more people started playing China's stock markets.
According to the China Securities Depositories and Clearing Corp., the number of stock-trading accounts in China has exceeded 150 million. It means nearly one out of 10 people in China have a stock-trading account.
BIG EDGES, CHALLENGES
A growing stock market is not the only criteria to qualify Shanghai for a global financial hub. It also takes financial infrastructure, talents and investor confidence.
The People's Bank of China, the country's central bank, set up its Shanghai head office in 2005, which it said "is crucial to promote the construction of an international financial center in Shanghai."
Although all China's key economic policy makers are based in Beijing, Shanghai is home to most of the country's major financial markets, including the China Foreign Exchange Trading System, an interbank market, Shanghai Futures Exchange, the country's largest commodities exchange, and China Financial Futures Exchange, the country's only such futures market.
1 2 3
Weekly review
