On May 10, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, was interviewed on the current capital market development and relevant policy arrangements. The content of the talk reflects the principle of balance and equilibrium. It not only analyzes the positive and negative factors affecting the development and operation of the market from the fundamentals and policies, but also analyzes the structural favorable and unfavorable factors from the market’s own mechanism; it not only interprets the participation of foreign capital The status quo of the A-share market also explains the relevant policies of coordinating two-way opening; it not only maintains a high degree of attention to the operation of listed companies, emphasizes the deployment of relevant support policies during special periods, but also improves the long-term capital supply policy.
For a long time, there has been a simplistic and emotional tendency to describe or comment on the Chinese stock market in the public opinion field. Some large market players have misunderstood the fundamental information, stock market mechanism construction and policies from time to time. These cognitive deviations often lead to further increase in market volatility and affect the functioning of the stock market’s own mechanism. Therefore, it is particularly important for the regulators to maintain a balance in terms of regulatory concepts, policy measures, and market communication.
When analyzing the reasons for the recent increase in market volatility, Wang Jianjun frankly pointed out two major external factors and two major internal factors, namely geopolitics, Fed rate hikes, repeated epidemics, and increasing downward pressure on the economy. But he also stressed that there is a certain overreaction in the market.It made an in-depth explanation on the fundamentals, policies and the positive factors of the capital market’s own mechanism, and gave an in-depth explanation of policy signals such as real estate, platform economy, regulating and guiding the healthy development of capital, etc.CSI 300Dividend yield of 2.8%, public offeringfundIn general, it is market data such as net purchases, and has made a point-and-point comment. Not only facing the problem head-on, but also bringing out “hard materials” and “hard data” to boost confidence, which will help guide all parties in the market to view the current market situation in a more balanced way.
When analyzing the recent foreign capital flows and the production and operation of listed companies, Wang Jianjun’s analysis and interpretation also reflects a balanced tone.One is to point out that this year ShanghaiShenzhen Stock ConnectThere has been an increase in volatility, that is, foreign capital in January and Februarynet inflow, a net outflow in March, and a net inflow in April. At the same time, it is pointed out that “allocation-type and long-term funds have maintained a net inflow since the beginning of this year.”The second is to propose four pragmatic measures to expand opening up, including wideningShanghai-Shenzhen-Hong Kong Stock Connectspecific measures such as the scope of the target. When explaining these policies and measures, the keynote of “two-way opening” is highlighted, including promoting the issuance and listing of interconnected depositary receipts of listed companies; while supporting companies to go public overseas, qualified overseas companies are welcome to list on A-shares; and international varieties of financial futures. Thirdly, it is pointed out that listed companies have maintained the momentum of stable development in general. At the same time, some listed companies have various difficulties, especially the operating difficulties of privately held and small and medium-sized listed companies have increased significantly. He also emphasized that with the support of relevant policies, listed companies are stepping up efforts to resume work and production, and their production and operation conditions are improving. The fourth is to propose measures to help market entities such as listed companies tide over difficulties from five aspects. Special emphasis is placed on enhancing the sense of policy acquisition of small, medium and micro enterprises, and treating private enterprises fairly in terms of issuance, listing and refinancing. It not only talked about the implementation of the current policies, but also talked about the research and introduction of new policy measures, thus sending a positive signal to the market players of “always pay attention to you”.
Wang Jianjun emphatically explained four “stabilizing” policies, namely, stabilizing expectations, stabilizing market entities, stabilizing capital, and stabilizing market behavior. In terms of stabilizing expectations, it includes clarifying the next step of reform measures, strengthening inter-ministerial communication and cooperation involving capital market-related policies, and formulating work plans for preventing and resolving risks in key areas.In terms of stabilizing market entities, it is mainly to maintain the normal operation of the listed company group, guidesecuritiesProfessional institutions and key investment institutions operate stably and prevent risks.The main aspect of stabilizing funds is to encouragesocial security、Insurance、bankfinancial managementand other institutions to increase the proportion of equity investment. Stabilizing market behavior involves improving relevant trading systems, enriching market trading varieties, and encouraging listed companies to improve the mechanism for rewarding investors.
At present, my country’s economy and capital market are facing the impact of multiple complex factors, and may also encounter some unexpected challenges. However, we have the correct leadership of the Party Central Committee and the experience and determination to deal with complex situations. On the basis of a series of targeted measures, we can further introduce policy measures according to changes in the situation. In addition, my country’s large-scale economic volume, super-large-scale consumer entities, real industrial upgrading needs, growing scientific and technological innovation capabilities, especially the “dual circulation” development pattern formed through continuous efforts, jointly support The fundamentals of the long-term positive economic growth have not changed.
Short-term market fluctuations will not change the long-term positive trend of my country’s capital market. We must observe the stock market from a balanced perspective, develop the stock market with a balanced policy, strengthen development determination, and continuously improve the operation and development level of the stock market.