Advances in Economics, Management and Political Sciences

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Proceedings of the 7th International Conference on Economic Management and Green Development

Series Vol. 39 , 10 November 2023


Open Access | Article

An Analysis of the Validity of the Chinese A-share Market During the 14th Five-year Plan Period

Yizhe Zheng * 1
1 Shanghai International Studies University

* Author to whom correspondence should be addressed.

Advances in Economics, Management and Political Sciences, Vol. 39, 68-78
Published 10 November 2023. © 2023 The Author(s). Published by EWA Publishing
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Citation Yizhe Zheng. An Analysis of the Validity of the Chinese A-share Market During the 14th Five-year Plan Period. AEMPS (2023) Vol. 39: 68-78. DOI: 10.54254/2754-1169/39/20231936.

Abstract

The Efficient Market Hypothesis (EMH), initially formulated and subsequently refined by the renowned American economist Eugene Fama in 1970, classifies markets into three tiers of efficiency: weak, semi-strong, and strong. As the world's second-largest economy, China has assumed an increasingly prominent role on the global stage due to its distinctive socialist framework and the ongoing development and enhancement of its capital market. The 14th Five-Year Plan, a pivotal component of China's social development agenda for 2021-2025, holds immense significance in propelling China's economic progress. In this study, utilizing a time series model, we conduct a comprehensive examination of China's A-share market throughout the current century, scrutinize the overarching context of the 14th Five-Year Plan, assess the efficacy of China's capital market, and propose potential remedies and future outlooks in alignment with the pertinent policies outlined by the Chinese government and the factors contributing to the inefficiencies observed within China's A-share market.

Keywords

Chinese A-share market, efficient market hypothesis, weak efficiency market, monetary policy, Chinese macroeconomy

References

1. Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work. Journal of Finance, 25(3), 283-417.

2. Shiller, R. J., & Akerlof, G. A. (2009). Animal Spirits. Citic Press. DOI

3. Greenspan, A. (2014). The Age of Turbulence.

4. Bernanke, B. S., Geithner, T., & Paulson, H. M. Jr. (2019). Fire Fighting: The Financial Crisis and Its Lessons Described the 2008 Stock Market. Citic Press. DOI

5. National Development and Reform Commission of China (Ed.). (2021). The Outline of the 14th Five-Year Plan. [Online]. Available at: http://www.gov.cn/xinwen/2021-03/13/content_5592681.htm.

6. Schumpeter, J. A. (1926). Theory of Economic Development (Volume III). The Commercial Press. DOI

7. Yi Gang, People's Bank of China (Ed.). (2022). Building a Modern Central Banking System (Seriously Studying, Propagating and Implementing the Party's Twenty Great Spirits). [Online]. Available at: http://www.gov.cn/xinwen/2022-11/04/content_5724235.htm.

Data Availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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Volume Title
Proceedings of the 7th International Conference on Economic Management and Green Development
ISBN (Print)
978-1-83558-099-8
ISBN (Online)
978-1-83558-100-1
Published Date
10 November 2023
Series
Advances in Economics, Management and Political Sciences
ISSN (Print)
2754-1169
ISSN (Online)
2754-1177
DOI
10.54254/2754-1169/39/20231936
Copyright
© 2023 The Author(s)
Open Access
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited

Copyright © 2023 EWA Publishing. Unless Otherwise Stated