Looking back at the ups and downs of China s stock market in 2007, it is clear that it has developed far beyond people’s expectation.While the stock index constantly reaches new highs and the size of the market becomes larg- er and larger,the Chinese financial mar- Looking back at the ups and downs of China s stock market in 2007, it is clear that it has developed far beyond people’s expectations. How the stock index ever reaches new highs and the size of the market is larg er and larger, the Chinese financial mar-