BEIJING, Aug. 8 (Xinhua) -- The impact of maximum pressure exerted by the United States on China's A-share market has weakened in light of recent market performance, according to an official with China's securities regulator.
By labeling China as a "currency manipulator," the United States had triggered violent turbulence in the global financial market, said Li Chao, deputy head of the China Securities Regulatory Commission.
"The country is cutting off its nose to spite its face with such irresponsible behaviors," said Li, stressing that the United States has suffered the consequences while inflicting losses on the stock markets of other countries and regions.
The U.S. maximum pressure is showing a tapering impact on the A-share market, as China's capital market posts stronger resilience, and its ability to resist external shocks is improving, he said.
As China remains a leading contributor to world economic growth, the country is showing huge growth potential, according to Li.
The valuations of China's capital market are at a relatively low level, as the price-earnings ratio of the Shanghai Composite Index stood at 13 while that of the three major U.S. stock indices all exceeded 20, Li said.
With alleviated risks and stable market sentiment, China's stock market has seen its leverage ratio significantly fall, according to the official.
"China's capital market is now in a precious period of development opportunities, and no external interference can stop the pace of our reform and progress," said Li.
The establishment of China's science and technology innovation board started off well, which has stimulated the vitality of the capital market, he said.
The country will see the implementation of a slew of opening-up measures, in a bid to build a capital market of transparency, openness, vitality and resilience, Li added.