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中国股市今年上半年的直接融资比重大幅下降，其中股票融资比例下降了23个百分点，股市一年的融资额还不及银行一个月的存款；今年7月份的股市成交额为2304亿元，比6月份减少175亿元，比去年同期减少832亿元；从2001年6月到2002年12月底的18个月，股市走熊让流通市值减少9601.46亿元，损失率为50.89%。股市融资功能极弱、交易清淡，九成投资者被套牢，国有股减持压力一直是悬在投资者头上的“达摩克利斯之剑”，沪深两市闻减就跌……对身处盛世危机中的中国股市而言，一个最令人难以接受，但却可能不得不接受的事实是：股市正面临边缘化危机。
In the first half of this year, the proportion of direct financing in China’s stock market dropped drastically. The proportion of stock financing dropped by 23 percentage points. The amount of financing in the stock market was less than the one-month deposit of the bank in one year. The stock market turnover in July was 230.4 billion yuan, A decrease of 17.5 billion yuan over the previous month and a decrease of 83.2 billion yuan over the same period of last year; from 18 June 2001 to the end of December 2002, the stock market go-bear reduced the market capitalization by 960.146 billion yuan and the loss rate was 50.89%. Stock market financing function is extremely weak, the transaction is light, Jiucheng investors were stuck, the pressure on state-owned shares reduction has been hanging over the head of investors, “Damocles Sword”, the Shanghai and Shenzhen markets fell ... ... on the body One of the most unacceptable but potentially undeniable truths for the Chinese stock market in the crisis of prosperity is that the stock market is facing a crisis of marginalization.