Investors who graduated from junior high schools only numbered five percent this year in comparison with the 16.4 percent of 1996.

More than half of the polled have increased their investment in the stock market this year with only 10 percent selling up their stocks.

About 55 percent attributed the robust stock market to government policies such as the shareholding reform that floated previously non-tradable shares while another 27 percent credited it to the country's brisk economic growth, the appreciating yuan and the massive foreign currency reserves.

Nearly 14 percent said the market hikes were powered by the good performance of listed companies.

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