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The combined value of China's Shanghai and Shenzhen bourses topped a record high of US$1.31 trillion on Tuesday, or equivalent to 50 percent of the country's gross domestic product (GDP).

The value skyrocketed by over one trillion yuan in a single trading day, with both markets going up over three percent on Tuesday.

Combining the value of yuan-denominated A-shares and hard-currency B shares, the Shanghai Stock Exchange reached 8.327 trillion yuan accompanied by the Shenzhen Stock Exchange at 1.921 trillion yuan at Tuesday's close.

The aggregate market value became worth 50 percent of China's GDP, estimated at around 20 trillion yuan in 2006 by the State Development and Reform Commission. This meteoric rise comes into sharp relief when compared with the end of 2005 when the proportion was less than 18 percent.

Of the total increased market value on Tuesday, 810.6 billion yuan or 73.7 percent came from China Life, the nation's largest life insurer that debuted on the Shanghai bourse Tuesday.

Market analysts here said that in developed countries, the ratio of the stock market value to the GDP often reaches 1 to 1. With this ratio in China steadily rising, the stock markets will gradually become an accurate barometer of China's economy.

(Xinhua News Agency January 12, 2007)