Investment Opportunities In Crisis

"Financial innovation must serve the development of the real economy, and financial innovation should take a step-by-step approach."

At the fortune forum held by the Schroder bank foundation, the director of the China Securities Regulatory Commission Research Center Qi Binru believed that in his view, in the case of a huge crisis in Wall Street, "lessons learned from the Wall Street crisis are irresponsible, and misreading the Wall Street crisis is very dangerous."

Learn to look for investment opportunities in crisis.

This fortune forum brings together many celebrities in the financial circles. Apart from Qi Bin, Huang Haizhou, chief executive of CIC's sales and marketing department, Gao Shanwen, chief economist of Anxin securities, and Li Xuli, chief investment officer of Bank of communications Schroder, have made the latest point of view.

According to Qi Bin, this crisis mainly reflects the balance between free innovation and prudent supervision.

Financial innovation in the United States has brought about the failure of financial institutions to control non-traditional businesses. Qi Bin believes that as a new financial system, we should better weigh the dynamics of innovation and supervision. Now China's economy is also facing difficulties. It is urgent to regard the development of capital market as an important strategic task, and constantly deepen the understanding of the importance of capital market in the whole society.

The participants in the conference share a common expectation of policy.

Huang Haizhou believes that China's macro-economy is affected by the external world, slowing down momentum is obvious. Gao Shanwen believes that the risk of deflation is especially worth worrying. Fortunately, China's economic structural imbalance is not obvious, and the valuation of the capital market has been relatively low, and the policy will play a crucial role.

In view of the prospect of China's economic development, Huang Haizhou believes that in the long run, the downward trend of global economic growth is hard to avoid, and economic recovery will be a slow process. In the capital market, the reversal of the stock market needs the support of economic fundamentals, but generally it will lead the recovery of the real economy.

At present, the domestic economy is relatively good and has not been directly affected by the financial crisis. The Chinese government has started and has enough capability to continuously introduce the "growth promoting" regulation policy, providing long-term support for the Hong Kong stock and A share market, and the valuation of the AH market has been at a relatively reasonable level before the global stock market began to tune back to the market.

Gao Shanwen said: "the current capital market valuation is obviously low, and the policy is very important at the moment."

On the one hand, several factors of GDP growth are under pressure. After the cold spell of the real estate market and the automobile consumer market, the decline of exports and the collapse of the stock market, China's wealth effect has disappeared.

On the other hand, with the stability of commodity prices, China's inflation will also gradually decline. On the other hand, the risk of economic deflation is increasing. Under such circumstances, he believes that "the pressure on the economy in the near future is still great, but in the long run, if there are strong policies, the Chinese economy will be able to return to the normal growth track in less than a year or a year and a half."

As a director of investment in Schroder, Li Xuli has published "where are our opportunities for the domestic capital market"?

Speech.

He believes that China's current monetary policy easing is not enough, the market is more full of expectations for fiscal policy, while the level of listed companies from the vertical comparison is close to the bottom of history, but we should also take into account the valuation method of industrial capital in a full circulation market. Therefore, the current market 13 times price earnings ratio is a reasonable valuation.

Li Xuli's view is that the opportunities in the stock market must be based on three basic conditions: first, the macro face will no longer deteriorate; the two is that the valuation of listed companies is too low; three, monetary policy is relaxed, and the low interest rate leads to the loss of bond yields.

He expects that the A share market will change over a certain point next year.

In the crucial period of overseas financial crisis, Schroder, a bank of China, celebrates his three birthday with the form of a forum. At the same time, he explores a forward-looking strategy for the future development of the company.

Mo Taishan, general manager of the company, said: "the pformation of the market from bull to bear is normal. As long as we take the customer as the center to consider the problem, and reflect the forward-looking ability of the company's development strategy, we can do a good job in different stages and get through the economic downturn smoothly."