【正确答案】 Increasing at activity in the stock market, the treasury bond and enterprise bond markets— Shanghai' s biggest and most active capital markets-reflects the growing sophistication of the local financial system and the efforts of local enterprises to beat the credit squeeze by borrowing directly from the public. It also indicates that Shanghai investors are getting smarter, spreading their portfolios among inflation linked fixed bank deposits, treasury bonds, shares, and enterprise bonds, and other financial instruments now available as a hedge against inflation. Treasury bonds issued each year have been the most popular with institutional and individual investors. Enterprise bonds are also popular because they have a short maturity and offer an interest rate of 1-2% more than the average bank deposit rate. Often RMB 100 million worth of enterprise bonds are subscribed within a few days by anxious investors who queue overnight outside banks.