China media: Stock market

The Shanghai stock exchange on Monday crossed the 3,000 mark for the first time since 2011 Image copyright Reuters
Image caption The Shanghai stock exchange on Monday crossed the 3,000 mark for the first time since 2011

Papers dismiss calls for the government's intervention in the wake of frenzied buying on the Chinese stock market on Monday.

The Shanghai stock exchange composite index reached a 44-month high on Monday and closed at 3,020 points.

Several papers, including the Global Times, have explained that the rally was supported by November's interest rate cut, which increased liquidity in the market.

The People's Daily urges the investors "not to follow blindly" and to "approach the market with a rational mind".

The state-run paper also cautions financial research institutes to adopt a "rigorous attitude" and "be responsible" when they publish market reports to "direct investors' expectations in a reasonable way".

However, the daily does not support any intervention from the authorities to cool the market and urges officials to be vigilant and watch out for illegal market activities.

The Global Times' Chinese edition also dismisses suggestions that the authorities should intervene and urges people to "not invest all their savings in the stock market".

Some economists, however, paint a gloomier picture.

Experts warn that "the economy is still facing strong downward pressure" and there are no "clear improvements" in the overall performance of listed firms.

Dong Dengxin, a financial expert at Wuhan University of Science and Technology, tells the the English edition of the paper that the Chinese stock market's performance has exceeded the growth of listed companies.

He adds that the bull market in China is much shorter and unpredictable, as compared to the capital markets of developed economies.

Meanwhile, a commentary in the China Daily expects the downward pressure faced by the Chinese economy to continue in 2015.

'Purifying' the army

Elsewhere, papers and experts call for the "purifying" of the party and the army after China's former security chief Zhou Yongkang was arrested and expelled from the Communist Party on Friday.

Mr Zhou is the most senior official to be arrested in China's anti-graft campaign.

Pointing to the recent high-profile corruption cases, Xu Qiliang, the vice-chairman of China's top military body, urged the army on Monday to clean up its work style and called for "serious reflection" following violations by the top military officials, the Xinhua News Agency reports.

A front-page commentary in the People's Liberation Army Daily gives a stark reminder to all party members to avoid "individualism".

Noting that "some units" have disregarded organisational discipline to seek personal gain, the article reiterates that the army should "follow the party" and "strictly observe the political and organisational rules and regulations without conditions".

And finally, the People's Daily hails China for playing an important role to help the Maldives fight water shortages.

Beijing dispatched two military aircraft and a vessel carrying tonnes of water to the Maldives over the weekend to help relieve the water shortage crisis caused by damage to the country's sole desalination plant.

Yu Jun, a diplomacy expert, tells the paper that Beijing's foreign aid policy is part of its "international strategy".

The pundit says that the policy shows the world that China is a "responsible big country".

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