Negative policies shrouded China’s stock market as a financing tool only

The economist Han Zhiguo pointed out on Weibo that China's current stock market policy is generally a relatively negative policy. The main manifestation of this kind of negative policy is that the stock market is only used as a tool for financing rather than a place for resource allocation. The focus is on the “circle money” function of the stock market rather than the conversion of institutions and mechanisms; A strategy that can be pushed and dragged.

The following is the full text of Weibo:
[China needs a positive stock market policy] The macro policy of the traditional market economy is binary: the tight mix of fiscal policy and monetary policy; the macro policy of the modern market economy is ternary: based on the tight mix of fiscal policy and monetary policy Implement a positive stock market policy. The stock market is a barometer of the economy, and the economy is good for the stock market – this is the capital logic of the traditional market economy; the stock market is the engine of the economy, and the stock market is good for the economy – this is the capital logic of the modern market economy. The United States can come out of the world's rare subprime mortgage crisis, which is the use of a positive stock market policy; the Chinese economy has been under heavy pressure in recent years, precisely because of the implementation of a negative stock market policy. Positive fiscal policy is accumulating conflicts and aggravating risks. There is not much room for a steady monetary policy. To achieve economic transformation and cross the middle income trap, China must change the marginalization of China's stock market and turn negative stock policies. For a positive stock market policy.
On September 9, 2003, I published a long article in the Shanghai Securities News: "China needs a positive stock market policy", which has aroused widespread concern; on November 25, 2003, Shanghai Securities News and Beijing BTG Group At the Xiyuan Hotel in Beijing, a "High-level Seminar on China's Need for Active Stock Market Policy" was held. Tu Guangshao, vice chairman of the China Securities Regulatory Commission, spoke on behalf of the China Securities Regulatory Commission and fully affirmed and highly appraised the implementation of a positive share price policy in China. Regrettably, 14 years have passed, and the active stock market policy has not yet reached the stage of the Chinese economy. Negative stock market policies still hang over the Chinese stock market. In the past two years, there have been four stock market crashes, and the marketization orientation has undergone a major reversal. The madness of the IPO has led to the market's good and bad, and the Chinese stock market once again faces extremely strict time and moment!
A positive stock market policy is not a simple rescue policy, but an active construction of the basic system of the stock market. A healthy stock market must be a sound and perfect market. Strict information disclosure system, sound company delisting system, financial fraud correction system and investor protection system (class action lawsuit system, damage compensation system and evidence inversion system) are all systems that cannot be reduced in the world stock market. There is no one in China, which makes the market operation lose the most basic institutional support. In this chaotic and disorderly market, investors can only suffer and suffer, and the market loses its due wealth effect and allows investors to flow into the river!
A positive stock market policy is not a policy of replacing the real economy with a virtual economy. China's current stock market policy is generally a relatively negative policy. The main manifestation of this kind of negative policy is that the stock market is only used as a tool for financing rather than a place for resource allocation. The focus is on the “circle money” function of the stock market rather than the conversion of institutions and mechanisms; The result of long-term effects in the stock market is that the problems in the stock market are accumulating and the contradictions are deepening, which not only exhausts the market, but also causes serious market expectations. Disorders have caused investors' confidence in the market and widespread mistrust of government decisions, which has more terrible consequences than any crisis. The active stock market policy is to regain market confidence through institutional innovation, promote economic upgrading and structural transformation, and make the virtual economy and the real economy coordinate development and complement each other's policies.
A positive stock market policy is not a policy of the IPO Great Leap Forward. The most important point of the active stock market policy is to truly establish a foothold in the modern market economy, to develop the stock market, the most important and most important place for the modern market economy and resource allocation, and to form a strong cohesive force through institutional innovation. Centripetal force, the rational allocation and effective use of social resources. On this basis, we will change the tragic pattern of China's stock market in the world, and restore the wealth effect that the stock market should have, and form an uninvited internal mechanism to make the stock market lively and lifeless.
It must be noted that economic and social development to this day, no matter what type and size of enterprise, it is difficult to not contact the stock market. As far as the state-owned economy is concerned, almost all the core parts of state-owned assets have been listed, and the dependence and dependence of state-owned enterprises on the stock market has greatly deepened. Under this circumstance, leaving the stock market to talk about the preservation and appreciation of state-owned assets will inevitably flow. Empty talk. The focus of the active stock market policy is to resolve conflicts and promote development, and to create a healthy, regulated and dynamic stock market. In this sense, although the active stock market policy is not a bailout policy, it is a policy that can benefit the whole society. Therefore, it will certainly be a country that benefits the country, benefits the people, and benefits the market and society. policy.

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