In the post epidemic era, the economic system needs the stock market healthy bull more than ever before. At present, the epidemic situation is still prevalent in the world, and it is and will continue to have a profound impact on the economic development mode, global economic and trade relations, monetary and financial policy direction and many other aspects.
First, the track of economic development is rapidly switching to digital and intelligent, and the tide of cloud economy is surging, and the traction and support of hard core technology to the economy of big countries is even more important. In response to the great development of digital economy, the capital market should further promote the deep integration of science and technology and capital, and more efficiently promote the transformation of economy to innovation driven. The key point is to deepen the reform of registration system.
Second, the great change that has not happened in a hundred years is being deeply interpreted. The global industrial chain is facing reconstruction and the game among big powers is becoming more and more fierce. This not only vividly explains that financial security is a part of national security, but also profoundly indicates that mature financial markets must have the right to speak and price the allocation of resource elements. In view of the great changes in the international pattern, the capital market should deepen its reform and open wider to the outside world more vigorously, and enhance its international competitiveness as soon as possible. The main path is to firmly promote the high-level two-way opening-up and help the construction of an international financial center.
Thirdly, the wave of monetary and fiscal easing is sweeping the world, zero interest rate or even negative interest rate is prevailing, and the shadow of debt crisis is lingering. The regulatory authorities should strictly prevent the sequelae of who is swimming naked after the spring tide. In order to prepare for the great recession of monetary easing, the capital market should make greater efforts to promote regulatory reform and build a strong risk firewall. The key lies in strengthening scientific and technological supervision and truly realizing unified supervision and functional supervision.
In short, the global economic and trade relations are becoming more complex, the demand for financial support from the development of science and technology is stronger, and the prevention of financial risks by regulatory coordination is more urgent. The common pressure and individual challenge urgently need the Chinese capital market to bull, provide stronger capital support for the new economic development, add more confidence to the international financial competition, and keep the insurmountable bottom line for financial risk prevention, so as to realize the new mission of promoting Chinas economy to cultivate new opportunities in the crisis and start a new situation in the changing situation.
Gratifying is that the basic support for A-share to step into healthy cow is increasingly complete. After 30 years of hard work, A-shares have built a solid foundation of marketization, legalization and internationalization. The breadth and depth of the market have been greatly expanded, and the basic system has become increasingly complete. In particular, since the deep reform of the capital market was launched last year, the outline of the system reform with the registration system as the main line has been publicized, and the two-way opening characterized by interconnection has been steady and steady, and the investment vitality of the primary and secondary markets has been significantly stimulated. On the basis of the basic system, the new securities law has taken root, and the issuance, pricing, trading and delisting of stocks have become more market-oriented; in terms of investment and financing relations, the habitual thinking of emphasizing financing over investment is rectifying, and the scale and proportion of cash dividends are increasing year by year; in terms of investor structure, foreign funds are more convenient to enter the market, domestic medium and long-term funds are more active, and institutional characteristics begin to appear; market environment On the one hand, the three-dimensional accountability system of the executive, the criminal and the civil has taken shape, and the counterfeiters will pay a heavy price After 30 years of growth, the capital market has become a butterfly, and its institutional foundation is more solid.
It is not difficult to find that the driving force of healthy cattle is spurting out. In terms of capital, the overall monetary environment is loose, and the high cost performance of RMB assets is attracting international capital to continue to increase positions. More importantly, the industrial upgrading, which was born in the worlds second largest economy, has started to increase residents wealth and equity assets. In terms of policy, the capital market is an important part of the national core competitiveness. The capital market plays an important role in the financial operation. It has been included in the top-level design to give full play to the hub function of the capital market. Fundamentals: Despite the great downward pressure on the economy, the signals of the recovery of various indicators in June just like a match in the firewood, illuminating the way for Chinas economy to be stable and better.
Of course, economic transformation and upgrading can not be achieved overnight, and capital market reform and development still need to overcome difficulties. As the new years message of our newspaper said, the spring mountain is promising.
We firmly believe that Chinas economy will be better for a long time, ride the wind and waves, and will not run aground; we hope that the wealth effect of the capital market will bloom for a long time, and no longer be short-lived; we will practice, revere the market, fear the risks, step up the ladder, and achieve long-term stability.
The clatter of hooves is the beautiful call of the post epidemic era, and the collective echo of the voices of all parties from inside to outside. We should cherish it deeply and take good care of it! May this round of healthy cattle surpass the zero sum game between harvesting and being harvested, and that all parties in the market will be builders and sharers, each shouldering its own responsibilities and getting its own place.
Source of this article: Yang Bin, responsible editor of China Securities News u00b7 China Securities Network_ NF4368