Mythen um Chinas Aktien-Börse

Überall in China schaut man auf Shang Fulin wie auf einen Retter. Der neue Vorsitzende der Chinesische Aufsichtsbehörde für den Wertpapierhandel (CSRC) übernimmt das Ruder mitten in einem Baissemarkt, der schon 18 Monate dauert und nach gängiger Auffassung von Maßnahmen der Regierung und dergleichen verursacht worden ist. Herr Shang ist nun aufgerufen, der Versuchung zu widerstehen, sich kurzfristig Lieb-Kind zu machen; statt dessen sollte er einsehen, dass Chinas Börse noch eine kurze Zeit Schwierigkeiten durchstehen muss, um dann auf Dauer Boden gut zu machen.

Acht Mythen verwirren die Diskussion über die Börsenpolitik in China. Wenn jede dieser Mythen zerstreut ist, wird das Herrn Shangs Aufgabe leichtern.

1. Chinas Börse hat in kürzester Zeit gewaltig hinzugewonnen. Ende 2002 belief sich die Kapitalisierung an Chinas Börse nach amtlichen Angaben auf 458 Mrd. Dollar. Damit war sie zur acht größten Börse der Welt geworden. Das ist eine erstaunliche Leistung, wenn man bedenkt, wo China noch vor einem Jahrzehnt stand.

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