At that time, people's awareness of the stock market was not as high as it is now, and their participation was not high. In 2004 and 2005, the liquidity of funds did not really take shape. Simply put, people don't have enough surplus funds in their hands, and their awareness of investing in the stock market is not very strong. Moreover, many new "middle classes" (that is, people and families with high stable jobs and a large proportion of disposable income) are unfamiliar with the stock market, and the continuous decline of the stock market makes the debt effect more obvious.

So at that time, there were not enough new investors and new funds to buy stocks, and there were no conditions to do more stock markets.