Ye Tan: Control The Property Market And Liberate The Stock Market &Nbsp; Please Let The Public Rest Assured In The Rabbit Year.

Housing prices alone are not enough to allow capital to flow into the real economy and into the stock market.

China's bond market

Rest assured investment needs several pillars.

First, the stability of monetary policy, so as to avoid the ups and downs between easing and tightening, and the CPI warning line can not be easily broken through. In the past two years, China's monetary policy has been rising and falling on the roller coaster. After September 2008, the policy of extreme easing began to take place, and the stringent tightening policy began in the second half of 2010.

Businesses and investors have lost clear expectations, and a year ago they were encouraged to act as a target.

The governor of the central bank believes that past easing is necessary to save the economy. This is a correct nonsense. Now austerity is also a necessity to save the economy. Professionals, especially those who master decision-making power, need to make a judgement about how tight they are under specific economic conditions.

It is obvious that in the first half of 2008, it is wrong to judge the basic economic situation of the world and the whole country, and the judgement of the economy is hard to say at the moment.

At present, prices are still rising cycles, and the central bank needs to tighten policies such as raising interest rates and raising the deposit reserve ratio.

Raising the deposit reserve ratio can not fundamentally solve the problem of liquidity loosing. The reason is that private capital and grey income are excessive. Most of them are cash flow and can not be controlled.

According to the central bank's data, at the end of 2010, the balance of foreign currency deposits was 73 trillion and 340 billion yuan, an increase of 19.8% over the same period last year. This year's foreign currency deposits increased by 12 trillion and 140 billion yuan, representing a decrease of 1 trillion and 100 billion yuan compared with the same period last year.

From 201 years of financial products, trust and bonds, we can see that the market is not short of funds, and lack of confidence in the market.

What the government needs to do now is to put all the money in the regulatory system and control the growth rate of the broad money. Otherwise, the money that will be lost after tightening policy will flow to everywhere after easing policy.

The second pillar is equity in the securities market.

In an interview with reporters recently, the chairman of the securities and Futures Commission was proud of the financing function of the capital market, and played a very important role in promoting the reform of enterprises and improving the socialist market economic system.

Moreover, there is no timetable for implementing the registration system, and it is always required to achieve success in order to make the reform smoothly launched.

There is no timetable for the implementation of registration system, so is the withdrawal mechanism of China's securities market still immature?

The effect of the ten thousand investor education is not as good as the introduction of exit mechanism on the gem. When the gem is launched, the gem emphasizes the innovation, quality and maturity of the growth enterprise market, which has helped fuel the three high issue. The direct delisting system, which was originally emphasized in the gem, is far from being accessible. Is the regulator doing this to protect the interests of investors, or to protect the right of examination and approval, in order to protect shell resources? {page_break}

If we emphasize the importance of the issuing Committee, please let the issuing committee be responsible for the fraudulent practices of listed companies. If we emphasize the marketization, please extort the mechanism as soon as possible so as to prevent the shell resources from being repeatedly fired.

Since President Shang Fulin emphasized the establishment of "due diligence mechanism of building the main body", finding the main body of responsibility is the meaning of the problem.

Obviously, the counterfeiting of the listed companies is not to blame for the intermediary and issuance of the trial.

At the same time, at the present two years, losing money in one year and winning a lot of money should never be allowed to continue. Government subsidies should be used to make listed companies lose their profits to win the shell of listed companies.

In addition to other functions such as resource allocation, the stock market still occupies a leading position. The IPO breakup rate is 70% this year. Stopping the issuance is not a good solution. But if the large-scale issuance is only to absorb private funds, solve the high stock of money, and ignore the listed companies' money, who will have confidence in the long-term investment of the stock market? I have long said that the stock market is the largest pool to absorb liquidity, but the pool must be safe.

The third pillar is the efficiency of the bond market.

The internationalization of RMB and the marketization of interest rate can not be separated from the debt market. The bond market yields can not be separated from the bond market. From last year to the future, the bond market will be the mainstream investment type.

More and more investors enter the bond market, and even can not buy corporate bonds.

The efficiency of the bond market is questionable. Local debt has become a reward for the economically backward local governments, and corporate debt is a remedy for the shortage of funds for large state-owned enterprises and local investment and financing platforms.

Over the years, bond yields have risen and the wealth created by bonds has declined. The bond market will be as tragedies as the stock market.

Of course, the bond market is different from the stock market. The bond market must eventually be repaid. If large enterprises and local governments are generally unable to repay their debts, the final result will be to borrow new or old ones, or to borrow all debts through inflation. Not only will the bond market be destroyed, but the internationalization of the RMB and the marketization of the RMB interest rate will also abort.

The control of the property market and the opening of the stock market and bond market are aimed at restructuring China's economy and making the funds a real help to the real economy. It is basically the efficient allocation of funds to get more real wealth, rather than letting the stock market become a gold pocket for the enterprises and the government.

People can rest assured that investment can make the market efficient.