a meeting of the political bureau of the cpc central committee on july 24 explicitly called for "invigorating the capital market and boosting investor confidence." on august 18, the relevant person in charge of the csrc was interviewed by the media to clearly implement the package of policy measures for the deployment of this important decision and respond to the hot spots of the market.
the package of policy measures starts from the investment side, the financing side and the trading side, including six measures to accelerate the reform of the investment side, improve the investment attractiveness of listed companies, optimize and improve the trading mechanism, and a total of 25 specific reform measures. what is the background of these policies? what signals are being sent to the market?
stabilizing capital market expectations is of great significance for maintaining overall economic and social stability
the meeting of the political bureau of the cpc central committee held on july 24 clearly proposed "to activate the capital market and boost investor confidence", and the tone of the capital market was more positive and the direction was more clear.
the relevant person in charge of the csrc said that behind this, there is a clear message: stabilizing the expectations of the capital market is of great significance for maintaining the overall stability of the economy and society.
"the capital market is highly correlated with the economy and is known as an economic barometer, which has a great impact on the expectations and confidence of all parties." 'a stable and active capital market is conducive to better building confidence and expectations for economic development among investors and the whole society,' said zhang hui, general manager of huitianfu fund. at the same time, the capital market with a virtuous cycle of investment and financing is not only conducive to high-quality economic development, but also an efficient way to expand domestic demand and promote consumption.
the operation of the capital market cannot be separated from the macroeconomic environment. after a steady turn in epidemic prevention and control, economic recovery is a process of wavy development and tortuous progress. china's economy has great resilience and potential for development, and its long-term sound fundamentals remain unchanged.
industry insiders pointed out that to observe and interpret the economic situation and the operation of the capital market, it is necessary to see the short-term and phased "shape", but also to understand the long-term and fundamental "potential".
zhao jun, founder and investment director of fresh water spring investment, believes that we should find more certainty from uncertainty, and look for highlights and opportunities from change. "the certainty we see is that many industries are still growing, technology is advancing and companies are creating value."
a package of policies to play a "combination" to convey confidence to the market
in the view of liu xiaoyan, general manager of yi fang da fund, the series of policy measures issued by the csrc will play a "combination punch" in the introduction of medium and long-term funds, return investors, improve the convenience of trading and other issues, which will effectively enhance market vitality, efficiency and attractiveness, stabilize market expectations and investor confidence, and better play the capital market resource allocation, price discovery, and risk management functions. achieve positive interaction with the real economy.
"this policy 'combination' is consistent with the long-term idea of capital market system construction." zhao jun believes that the outstanding characteristics of this policy will change the target orientation of reform from partial financing to balanced investment and financing and investment-friendly.
the person in charge of a number of market institutions pointed out that this package of policies highlights the introduction of more sources of living water for the capital market, and many contents mention how to expand the scope of investors, facilitate investment, and enrich products. on the other hand, focusing on improving the attractiveness of listed companies, a series of measures including dividends, buybacks, and the construction of a valuation system with chinese characteristics have been proposed in improving the quality of listed companies, which is conducive to playing the role of supporting the good and limiting the bad and better rewarding investors.
lin chuanhui, chairman of gf securities, believes that various measures continue to land, and the policy effect will gradually appear, which is expected to enhance investors' sense of gain, stabilize their expectations for the future, and enhance the motivation to allocate more assets in the capital market.
"the 'combination' is conducive to stimulating the wealth effect of the capital market, allowing investors to share the fruits of china's economic growth and enterprise innovation and development, and promoting the positive cycle of the capital market and domestic consumption." lin chuanhui said.
"invigorate the capital market and boost investor confidence" requires a strong synergy
to see that "active capital market, boost investor confidence" is a systematic project, involving all aspects of work, need to form a strong force.
the relevant person in charge of the csrc said that the csrc has recently increased cross-ministerial communication and coordination, and paid close attention to studying and promoting a number of important measures. for example, promote the optimization of capital market-related tax arrangements such as the tax timing of listed companies' equity incentive individual income tax; promote the establishment of a sound long-term assessment mechanism for equity investment such as insurance funds, and encourage them to increase equity investment; guide and support banks to actively enter the market for wealth management funds.
"we will coordinate efforts to invigorate the market and prevent risks, strengthen supervision, and work with relevant parties to prudently prevent and handle risks in key areas such as urban investment bonds and real estate, and resolutely maintain stable operation of the market." the official said.
chen ge, general manager of rich country fund, believes that with the strengthening of the top-level design, the coordination of relevant departments, and the continuous formation of policy forces, it will be able to effectively boost investor confidence and then active capital markets. as an important participating force in the market, public funds can play a greater role in vigorously developing equity funds, continuously improving investment and research capabilities, and increasing self-purchase of equity funds.
liu jian, chairman of shenwan hongyuan securities, said that brokerages should do a good job of the "gatekeeper" of the capital market, grasp the internal relationship between the registration system and improving the quality of listed companies, and help the supply of high-quality medium and long-term assets in the capital market and develop in a virtuous circle.
source: chinese government website