China's stock market is too small and foreign participation is too limited for it to be held accountable for triggering last week's global share price rout, the chairman of the China Securities Regulatory Commission said Monday. Shang Fulin told reporters on the sidelines of the National People's Congress that "it's not possible for [China's markets] to have such an impact", Reuters reported. Global markets have been struggling ever since the Shanghai Composite Index plunged 8.84% last Tuesday, the negative sentiments only increasing in response to weak durable goods orders in the US and concerns about mortgage defaulting. But Shang was quick to point out that markets respond to their own domestic conditions, with the level of outside influence dependent on the globalization of each particular market.
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