Beijing has been advised against taking measures to cool the stock markets as four out of six economists invited to participate in State Council-level discussions in April said there was no serious overpricing. The economists, from state think tanks, investment banks and securities firms, were asked to give their views on taking tightening action such as putting capital gains tax on stock sales. It was the first time the State Council had solicited opinions from economists on asset pricing, the South China Morning Post reported, citing state media. On Friday, the China Securities Regulatory Commission urged stock exchanges, brokerages, funds and investment consulting firms to educate investors on the risks of stock trading. "No stock market will only go up and not come down [and] no investment product will only make profit and not make a loss," it said. The number of new trading accounts opened by individuals reached almost five million last month compared to 3.08 million for the whole of 2006. More than US$9.1 billion was transferred from savings accounts in Shanghai to the stock market between January and April.