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By Ding Qi (chinadaily.com.cn)
Updated: 2008-03-17 13:34

Despite continuous dives in domestic stock markets, Jim Rogers, co-founder of the Quantum Fund and a veteran US investor, said he was still confident in China's capital market.

Related readings: Stocks continue falling on steel, property declines Financial stocks drag down key index Stocks finished mixed, uncertainty remains Stocks fall to 7-month low

In a recent interview with the Beijing Youth Daily, Rogers said he had sold his stocks in all emerging markets except for China, and there are no reasons for him to sell his Chinese stocks.

Mainland stock markets have experienced a major slump since last October, as the benchmark Shanghai Composite Index dropped from a record high of 6,124 points to below 4,000 points at the end of last week. Rogers said the correction, however, was beneficial to healthy market development.

"Originally, some stocks in China's market were highly overpriced and the drop helped rid the market of these bubbles. Since last year the Chinese government has been trying to cool the property market and stocks, introducing a series of tightening measures including higher interest rates and bank reserve ratios. The moves did lower the asset prices and adjust the stock markets."

The principle of stock investment is always "to buy at low prices and sell at high prices," said Rogers.

Rogers predicted the commodity market to continue its bullish trend into the next decade due to imbalances of demand and supply. He also predicted gold to exceed US$2,000 per ounce in the future.