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Along with the rapid growth of the Chinese economy, also its stock market expanded tremendously during the last two decades. Since the re-opening of the Shanghai Stock Exchange in December 1990 and the additional establishment the Shenzhen Stock Ex- change in July 1991, the Chinese stock market has attracted a large number of domestic as well as foreign investors. By the end of 2006, 1434 companies were listed on the Chinese stock exchanges. The market capitalisations of all stocks and of the negotiable stocks were about 43 and 12 percent of the GDP, respectively (China Securities and Futures Statistical Yearbook, 2007)
