Chinese stock investors have reported hefty losses due to shedding values in the domestic stock markets since June 2001.

The Shanghai Composite Index have dropped by more than 800 points since June 2001, with the market values of both Shanghai and Shenzhen stock markets down more than 600 billion yuan (US$72 billion).

According to a survey by Sina Inc. and Securities Market Weekly on nearly 10,000 stock investors by 7 p.m. Wednesday, 90 percent of respondents lost money, with 50 percent reporting deficits of more than 50 percent.

Half of the stock investors made losses in the second half of the year 2001, 18 percent post deficits last year and 11 percent were in red this year, according to the survey.

Splitting between circulating and non-circulating shares and excessive market expanding are cited as two largest problems for the Chinese stock markets, the survey indicated.

Most stock investors suggested the government offer reasonable plan to make all the shares circulative, suspend initial public offering (IPO) and reform the ways to offer IPOs.

Many investors also suggested calling off the 10-percent ceilings on the stock price fluctuations and suspending introducing qualified institutional investors (QFII) program and Growth Enterprise Market, or the country's second-board market, according to the survey.

Most stock investors lack confidence of the stock markets, with half of them preparing to leave the markets and never return, 36 percent holding a wait-and-see attitude and only eight percent planning to buy into some stocks at low prices, the survey indicated.

(Shanghai Daily September 26, 2003)