针对去年中国股票价格总水平比较明显上涨的总体情况，周小川认为，在我国连续多年 GDP总量 35％的储蓄中，有 70％来自居民，有相当一部分将转为投资。在利率水平下降的情况下，许多储蓄流入了资本市场，而资本市场可选择的品种又不多，因此流入了股市。从我国现状来看，有人 In response to the general situation that the overall level of China’s stock prices rose significantly last year, Zhou Xiaochuan believes that 70% of China’s savings of 35% of the total GDP for many years come from residents and a considerable portion will be converted into investments. With the decline in interest rates, many of the savings flowed into the capital markets, and the capital markets were less selective and therefore flowed into the stock market. From the current situation in our country, some people