6% of China's newest stock market investors can't read

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China's stock market has exploded by 78% in the last year, and that rapid growth has people debating - is this driven by fundamentals or the sheer force of China's new investors?

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We have something of an answer to that from new data collected in the China Household Finance Survey.

The survey broke down the education level of China's new stock holders - 5.8 % of them can't read, and for 60% junior high is the highest level of education they've attained.

Bloomberg China economist Tom Orlik tweeted out this handy graphic with more data:

"The new survey data add to the impression of a rally fueled by inexperienced retail investors," Orlik wrote in a research note analyzing the data. "That doesn't mean it can't be sustained. China has a large population with a substantial volume of savings and limited alternative investment options. It does mean that the trajectory of China's markets will be unpredictable, and prone to sudden reversals as sentiment shifts."

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Orlik also pointed out that Chinese investors may see the stock market as an alternative to its now-ailing housing market. Chinese property prices fell 5.1% in January from the same time the year before. In February they fell 5.7% from the same time the year before.

Numbers like that - on top of data suggesting that the country has a deflation problem - are scaring Chinese officials. At a meeting with regional leaders on Sunday, the head of the People's Bank of China that the economy was slowing "a bit too much."

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