Shanghai's remodeled 索引 still not reliable （判断の）基準 for the world's No.2 株式市場
SHANGHAI, July 22 (Reuters) - 中国 改造するd its Shanghai 株 索引 on Wednesday for the first time in 30 years, but critics say the changes don't go far enough to fully 演説（する）／住所 distortions in the （判断の）基準 of the world's second biggest 株式市場.
In its first 精密検査する of the Shanghai 合成物 索引 , the country's oldest 索引 for 本土／大陸-名簿（に載せる）／表（にあげる）d A-株, the Shanghai 在庫／株 交流 追加するd 25 STAR Market-名簿（に載せる）／表（にあげる）d tech companies, and 除去するd 91 会社／堅いs labeled as high-危険 by the bourse. The number of 索引 選挙権を持つ／選挙人s stood at 1,493 on Wednesday.
The move 目的（とする）s to 演説（する）／住所 "索引 distortion", the 交流 has said. Between 2009 and 2019, 中国's 年次の GDP nearly ３倍になるd, but the SSEC - theoretically an 経済的な 晴雨計 with a market capitalization of around $5.45 一兆- lost 7%. The blue-半導体素子 CSI300 索引 rose 15% during the period, while Shenzhen's 在庫／株 （判断の）基準 伸び（る）d 43%.
"The 改造する doesn't live up to its 目的," said Liu Wencai,創立者 of 危険-管理／経営 consultancy D-Union who helped design 中国's first 索引 未来s 契約s. "If you 手段 the length of a （米）棚上げする／（英）提議する with a 支配者, what's the point of using a 支配者 that is bent?"
But even after the 改造する, critics 最高潮の場面 some distortions in the SSEC, 公式文書，認めるing that it is still based on market value of all 株, rather than tradable 在庫／株s only - meaning the （判断の）基準 gets skewed by the extent of 非，不，無-tradable 株 in 明言する／公表する-owned heavyweights, such as 中国 Construction Bank and Sinopec.
"For 明言する／公表する-owned companies such as banks, tradable 株 代表する a tiny 割合 of the entire 資本／首都 事例／患者," said Rocky Fan, 経済学者 at Sealand 安全s.
Market 関係者s say the 索引 改造する also glosses over deeper 問題／発行するs in Chinese markets, such as a 失敗 to 少しのd out 非，不，無-viable companies, or 妨げる 泡s in new 在庫／株 問題／発行するs.
To 保護する 投資家s, the 交流 is expelling from the SSEC "special 治療" (ST) 株 -- the group of compa nies that have 苦しむd 連続した years of losses, have unusual 財政上の 条件s or have been 罰金d for regulatory 違反.
And, to 減ずる volatility, newly-名簿（に載せる）／表（にあげる）d 在庫／株s will be 含むd in SSEC one year after their debut, instead of after 11 貿易（する）ing 開会／開廷／会期s 以前. The 最高の，を越す 10 companies by size will be 含むd in three months.
Yuan Yuwei, a 基金 経営者／支配人 at Olympus Hedge 基金 投資s, said the 対策 were like "burying your 長，率いる in the sand". Instead, regulators should 焦点（を合わせる） on 強化するing delisting 支配するs, and 熟考する／考慮する ways to 妨げる "IPO froth", he said.
For institutional 投資家s, the 改造する may not 事柄 after all as the SSEC is already fading into irrelevance. Only two Chinese 相互の 基金s 跡をつける the SSEC, and 全世界の 投資家s mostly turn to 全世界の 索引 publishers such as MSCI or FTSE Russell.
($1 = 6.9909 Chinese yuan renminbi) (報告（する）／憶測ing by Samuel Shen and Andrew Galbraith and Luoyan Liu Editing by Vidya Ranganathan & Shri Navaratnam)
