On April 10, the “Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a Large National Market” was released, which clearly stated that it would accelerate the construction of an efficient, standardized, fair competition, and fully open national unified large market, and comprehensively promote the transformation of my country’s market from large to strong. At a time when the current domestic and international situation has undergone major changes and sustainable development needs to seek new impetus, the timely launch of the “Opinions” can be said to be from the perspective of system and mechanism innovation. grand goals. But is this the so-called return to the planned economy? What does it mean for local governments, various enterprises and the capital market?
The planned economy is that the government controls all economic activities. It is impossible to be efficient, fair, and open, and it is impossible to achieve a unified and strong market. Therefore, it is obviously inappropriate to judge the “Opinions” as the return of the planned economy, and there will be some perception and cognitive problems in the short term. Although the establishment of a “national unified market” may change China’s economic model, it may affect local enthusiasm in the short term, but in the long run, it will help improve the business environment, stabilize long-term expectations, and reduce the disorderly expansion of capital. At the same time, constantly removing various explicit and implicit obstacles in the operation of the domestic market, promoting the deepening and upgrading of the domestic market, and finally forming a unified large Chinese market are the important goals and contents of the current promotion of deepening reform and further opening up to the outside world. Therefore, it is impossible to engage in various blockades in the name of “internal circulation”, and the main focus will be to break and eliminate various internal and external blockades.
“In any case, this major move is moving in the right direction,” said He Jia, a professor of finance. Around the interpretation of the “Opinions”, users of “Wealth Plus” also had a wonderful discussion, and we selected some of them to display as follows:
@zhangpeng
Wealth management veteran, MBA of Tsinghua University
Before the release of the “Opinions of the Central Committee of the Communist Party of China and the State Council on Accelerating the Construction of a Large National Market”, Yi Huiman, chairman of the China Securities Regulatory Commission, said in a speech at the third member congress of the Association of Listed Companies on April 9 that the full implementation of stock The reform of the issuance registration system has been steadily implemented, and the implementation of new regulations on the supervision of overseas issuance and listing of enterprises has been accelerated. Affected by policies and the rebound of the epidemic, A-share market sentiment continued to be under pressure. So what is the origin of the “National Unified Market”? Is it the so-called return to the planned economy? What exactly does it mean for the market?
On the one hand, from the perspective of content, the “national unified large market” is one of the important top-level designs of the socialist market economy with Chinese characteristics in the new era. powerful. At the same time, it also implies that the current domestic market is large but not strong, and there are various drawbacks in terms of efficiency, fairness and openness.
From the government’s point of view, the establishment of a unified market is the establishment of unified supervision, and the “national unified large market” is the “national unified supervision large market”. The “Opinions” focus on strengthening the unification of basic market systems and rules, promoting high-standard connectivity of market facilities, creating a unified market for factors and resources, promoting high-level unification of commodity and service markets, promoting fair and unifying market supervision, and further regulating unfair market competition and market intervention. and other specific requirements.
Obviously, it is different from the traditional planned economy or the regulated economy. The latter is where the government controls all economic activities, including production, sales, and services. It is impossible to be efficient, fair, and open, and it is impossible to achieve a unified market and strong market. Therefore, the judgment of its return to the planned economy is not correct, and there will be some perception and cognition troubles in the short term.
On the other hand, in terms of impact, the establishment of a “national unified market” may change China’s economic model, which may affect local enthusiasm in the short term. In the past, China’s economic growth relied on gradual reforms and competition among local governments to give play to their respective comparative advantages. Local governments acted both as athletes and referees. In the future, the “uniform national market” will focus on comprehensive promotion and strengthening, which means that local governments will be more effective in supervision. The discretionary power has declined, and the constraints on the economic activities of local governments have also increased accordingly.
At the same time, the “Opinions” proposed to speed up the development of a unified capital market, build a unified energy market across the country, and seize the two most important and urgently needed breakthroughs in the capital and energy markets to carry out reforms. In fact, these two areas are originally government-run, and more supervision or regulation has little impact on the market, but unification is conducive to improving the efficiency of capital and energy use, and is also conducive to more market-oriented behavior of local governments. More in line with the market.
From an industrial point of view, the national unified large market may be affected by certain price fluctuations in the short term because it involves the re-pricing of the factor market, but it is conducive to improving the business environment, stabilizing long-term expectations, and reducing the disorderly expansion of capital. From a financial point of view, improve the market pricing efficiency of the financial system and reduce structural arbitrage opportunities. Such as cross-market arbitrage, price arbitrage and regulatory arbitrage, it also reduces systemic financial risk.
Finally, I conclude with the words of Professor He Jia: “Unifying the market and unifying supervision is an important measure to reduce the opportunities for structural arbitrage. Because the main contradictions of China’s financial system (the limitations of incremental reform and the overall contradiction of financial problems) have long existed , the great unification may not solve the fundamental problem. Structural arbitrage opportunities are endless wildfires and spring breezes. We must clarify this issue and let everyone know that structural arbitrage opportunities will continue to mutate like the new coronavirus, and the setting of traffic lights There is also constant change of shape, sometimes dynamic zeroing, sometimes coexistence, and also the cost of setting up. Regardless, this major move is moving in the right direction.”
@zhang aoping
Economist, Dean of Incremental Research Institute
The core function of the capital market is to serve the real economy and enable investors to maximize the efficiency and benefits of asset allocation on the capital side. The unified capital market is an important component of the national unified large market, and it is also the key factor and resource market. “.
Since the reform of the registration system, the capital market is accelerating to make up for the lack of core functions, but the current capital market still has chaos such as disorderly expansion of capital. The “Opinions” mentioned that “traffic lights” should be set up for capital. The red light is to stop and to step on the brakes. It involves the fields of healthy social development and people’s livelihood and well-being, the fields of equal development of market entities and micro-individuals, such as education, housing, medical care and other industries that have been chaotic before. The green light is to move forward, step on the accelerator, and pass efficiently, involving areas of high-quality development in the next stage of China’s economy, such as strategic emerging industries, new-generation information technology, new energy, new materials, high-end manufacturing, etc.; and strengthening The key core technological breakthroughs behind the national strategic scientific and technological strength, the new generation of artificial intelligence, quantum information, integrated circuits, aerospace and other fields; as well as the realization of new consumption, new domestic products, and cultural related behind the dual-cycle strategy will be more welcome. Capital investment in value creation capability.
@ Fumiyoshi Kashiwa
Chief Economist of IPG China
In the current downturn in expectations, weak macro economy and sluggish consumption, weak follow-up growth and relying on traditional investment driving and poor real estate and infrastructure driving effects, and at the same time facing the rise of international energy, grain and other commodities caused by the conflict between Russia and Ukraine, the Federal Reserve has increased Under the situation of rising uncertainties in the international economic and trade situation such as interest rates, the issuance of the “Opinions” is a timely move, which aims to eliminate all kinds of explicit and implicit obstacles in the operation of the domestic market, stimulate market vitality, and promote the smooth operation of the national economy. , cultivating the driving force of sustainable development is of great significance in terms of establishing a fair, efficient and orderly market environment and strengthening market supervision.
At a time when the current domestic and international situation has undergone major changes and sustainable development needs to seek new impetus, the timely introduction of the “Opinions” can be said to be from the perspective of system and mechanism innovation, which has made a breakthrough and proposed construction for the further promotion of reform and opening up. The grand goal of a unified domestic market.
Looking back at the development history of human civilization, technological progress and market upgrading are the two pillars of social progress and economic development, while the expansion of the market field and the continuous advancement of marketization depth are in turn an important basis for promoting technological progress. The interaction together promotes social prosperity and development. Therefore, whether it is the gradual formation of the globalized market since the Industrial Revolution or the establishment of the WTO after World War II, they are all actions of development and prosperity aimed at promoting the expansion and deepening of the globalized market, and have also promoted the great quality of human life and life. promote. Although the world today is still full of noises of trade protection and national populism, as well as various setbacks and twists such as wars and epidemics, the trend of globalization is still unstoppable. From an economic point of view, this is actually the breadth and depth of the globalized market. An ever-expanding megatrend.
After 40 years of reform and opening up, the construction of my country’s domestic market system has been initially completed, and the Chinese market has become one of the most important components of the global market. However, just as reform and opening up has no end, it is precisely the current promotion of deepening reform and further expansion of external The important goal and content of opening up, and therefore promoting the construction of a unified domestic market, it is naturally impossible to engage in various blockades in the name of “internal circulation”, but to break and eliminate various internal and external blockades as the main focus. point.
The promulgation of the “Opinions” will greatly enhance the confidence of various market entities, stimulate the enthusiasm and initiative of various market entities to participate in the construction of the market system, and a long-term strategic forward-looking. Especially for foreign-funded enterprises and private enterprises, they will have more confidence in the construction of China’s market system and the future of economic operation, thereby promoting the gradual implementation of national treatment for foreign-funded enterprises and private enterprises, and the continuous promotion and expansion of the breadth and depth of market opening. Benefit from participating in the construction and improvement of the Chinese market system, achieve common development with the Chinese market and the Chinese economy, and add new Chinese impetus to the development of the world economy. (Fortune Chinese Network)
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