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Wen says confident in China's capital market

(Xinhua)
Updated: 2009-02-28 17:35

Chinese Premier Wen Jiabao said in Beijing Saturday he has confidence in China's capital market, noting the government has the responsibility to establish an open, fair and transparent market environment.

Related readings:  Wen: Impact of financial crisis spreading  Wen: Govt making preparations for officials to declare assets

The performance of stock markets is decided by economic fundamentals and company profitability, Wen told a netizen during an online chat.

"I have confidence in China's economy and the development of Chinese enterprises and therefore in the country's capital market, too," he said.

The government should resolutely fight against illegal acts such as manipulating the market, he said.

Wen said he was "very concerned about the stock market", which was aimed at boosting direct financing and absorbing private capital to support economy.

The stock market can also serve as a tool to increase the income of investors, he added.

China's benchmark Shanghai Composite Index has shed more than 60 percent since hitting an all-time high in October, 2007, but a strong recovery was seen this year. It fell 1.81 percent, or 38.4 points, to 2,082.85 points on Feb 27.