CHENGDU — The Shanghai stock market has been one wild ride for the last few months. The world has watched as stocks soared for months before a precipitous plunge in recent weeks. Millions of “novice investors” got involved in the markets when prices dramatically increased last year, the Associated Press reported.
So what do normal Chinese people think about the roller coaster markets, now that they’re in a meltdown?
To find out, we surveyed a few people in the southwestern city of Chengdu. Best known for its spicy food and beautiful women, Chengdu isn’t exactly the epicenter of rabid financial speculation. Here’s what Chengdu residents had to say about the raucous Shanghai stock market.
Lin Liuzhi, 55, retired
Do you or your family play the stock market? I’ve never bought stocks but my daughter bought a few. She lost money but not that much.
Have you been paying attention to news about the stock market? Not very much. My daughter might pay more attention.
Will the stock market recover? That’s really hard to say.
Will the turmoil in the stock market affect your life? It won’t really affect me because I don’t buy stocks and my daughter didn’t buy that many stocks.
Li Zheng, 60, retired
Do you or your family play the stock market? I never get involved with the Chinese stock market because of the way people play it. Ordinary Chinese people are just gambling on stocks. They don’t look at the real value of the companies when they invest. When things look good they rush in, when things look bad they run away.
Have you been paying attention to news about the stock market? Yea, I’ve been watching it a bit.
Will the stock market recover? Right now this situation has nothing to do with the real value. They talk about capital markets, but I’ve been observing it for 10 years and I don’t know what the real value is.
Will the turmoil in the stock market affect your life? It won’t affect me. I’m already retired. I just need my pension to go up a bit every year, and that isn’t connected to the stock markets. This year, salaries have been going up, but that’s because the economy is growing, not because the stock market is growing. The stock market was only growing because of the strategies people used. It’s separate from the real economy.
Mr. Jiang, 33, small business owner
Do you or your family play the stock market? I don’t, but my mom does. She’s played the markets for a long time, but she sold all of her stocks before it crashed. It was really lucky. She made around 200,000 RMB (about $32,000).
Have you been paying attention to news about the stock market? Yep.
Will the stock market recover? I don’t know, but if it does my mom will get back in.
Will the turmoil in the stock market affect your life? It doesn’t influence me personally, but it influences my family.