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Liu Jiepeng:It is normal for any market to have bubbles. Bubbles are an intrinsic quality of a stock market, but they should not be allowed to accumulate to a dangerous level, which could lead to a crisis.

Chinese economic reforms have been successful, Liu said, a fact that contradicts Cheng's claim that most of the listed companies are financially substandard.

He also accused Cheng of not using clear and verifiable standards to back up his claim.

Cheng, also a senior economist, agreed that bubbles are an intrinsic quality of a stock market, but they should not be allowed to accumulate to a dangerous level, which could lead to a crisis.

He said his conclusion that about 70 percent of listed companies are below par is based on his study of the 2005 figures of those companies.

The Chinese stock market has risen by about 130 percent in 2006; and analysts said Cheng and Rogers may just be scapegoats for the recent corrections.

"After all, the market has risen too much, so it needs to find an excuse to sell," said Wang Kai, an investment strategist from CITIC Securities.

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