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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Op-Ed ContributorsEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsTalk from streetDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPExpert: Get ready for a three-year bull marketBy Wendy Liu (China Daily) Updated:2015-01-22 07:41Comments Print Mail Large Medium SmallAn investor checking stock index in a localbrokerage firm, at Fuyang, Anhui province, Dec 2, 2014. [Photo/IC]The Chinese mainland stock market may have suffered its biggest loss on Monday, but rebounded on Wednesday. 2015 is set to be the first of what is likely to be a three-year bull run for Chinese equities.We (at Nomura) have noted, “data on margin financing activities show that the year-end surge in A-shares was partially fuelled by borrowed money. This is a risk factor to consider as we head into the expected bull run of Chinese equities, given that such leverage positions are likely to be shaken out in occasional market pullbacks, which could aggravate declines in stock indices.” The latest sharp correction in A-shares serves as a fresh reminder that one is only good as ones trade can last.There will be further pullback and consolidation, led by financials, in the MSCI-China index during a good part of the first quarter of 2015. But such a correction is not inconsistent with our bullish outlook for three years.A key piece of the puzzle of deleveraging local governments is for China to have a reasonably robust capital market over a number of years, so that it can fund the sales of various central and local government assets. This way central and local-level State-owned enterprises may inject quality assets into listed companies or new listed companies to monetize more of their hard assets and lower the leverage ratio by shoring up the asset side of their balance sheets.This year, we anticipate more concrete evidence of reforms that truly benefit the Chinese public. For example, administrative reform is about putting government officials powers in the cage of rules, with increased processes, transparency and information symmetry. This means that instead of interfering and competing with the private sector, the government will leave more room for it to run businesses.The hukou (house registration) and rural land reforms are about providing rural residents and migrant workers with more social benefits, partly funded by governments of coastal provinces that have benefited the most from migrant workers. These two reforms need to go hand-in-hand, but how exactly the costs of urbanization will be funded is still being debated.Previous Page1 2 Next PagePrevious Page1 2 Next Page0Related StoriesEquity index futures next in stock linkBull stock market needs to be healthyStock market to see three-year bull runLi promotes stock trading link between HK-ShenzhenMost Viewed Todays Top NewsHousing booms may hurt, not heal, local growthTime to break free of protectionist shacklesAllow space for students to discover themselvesPhilippines arbitration case built on false pretextFunding global public goods for worlds recoveryForum TrendsTips to manage stress when studying abroadWhy are Chinese students heading to the US?Should investment lessons be mandatory?How can doctors and patients regain trust?Are women-only buses discriminatory?Do student evaluations measure teaching effectiveness?What annoys you most while traveling in China?ColumnistsTrumps willingness to talk to the DPRK is the right approachFestival drama peels layers of character who isnt thereFeatured ContributorsTurnball highlights China-Australia FTA as a valuable assetBloody curtain rising to greet US first-ever presidentStar BloggersMy best friend in China: 35th anniversary of China Daily By subeChina Daily is like a friend who stays with me in every mood in my life. If I am happy, I can write a blog and if I am upset, I can enjoy what others have said and let my feelings go away.China Daily, 35 years on: my memories By aixiI first discovered China Daily a few years ago. It was my first visit to China, and I was waiting for my tour guide to arrive.My vision for a smog-free China By eddieturksonI’ve lived in China for quite a considerable time including my graduate school years, travelled and worked in a few cities and still choose my destination taking into consideration the density of smog or PM2.5 particulate matter in the region.SpecialChina Daily, 35 years on: your memoriesPositive energy Leifeng laowai story2016 Happy Chinese New Year…| About China Daily | Advertise on Site | Contact Us | Job Offer | Expat Employment |Copyright 1995 -var oTime = new Date();
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