Taking Shanghai And Hong Kong As An Opportunity To Promote A Shares T+0 Pactions

< p > compared with the growth rate of the national economy basically maintained by more than 7% per year, the A share market is a little bit like a little child. It is a bit worrying to let immature children play with an adult.

Many people, starting from the judgment of "emerging and pitional" in China's capital market, show great tolerance for their immaturity.

As a participant in this market, we must understand and tolerate it's immaturity. But if a child continues to harm others' interests by immaturity, it is inexcusable.

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< p > today's stock market order in China is still not satisfactory. People still have many opinions.

In order to revitalize the market, regulators have introduced a number of policies, including nine new countries, compulsory dividends, crack down on rat farms, regulatory storms and so on, but the market has not yet improved.

Where is the crux of the A share market? < /p >

< p > > a href= "http://www.91se91.com/news/index_cj.asp" > the securities market < /a > has two functions -- financing and investment, but over the past 20 years, A share market has paid more attention to the function of financing, and ignored the function of investment, so that the market will naturally be out of balance.

If the financing function is grasped by the government, then the investment function needs the market's hand to activate it.

The new central leadership attaches great importance to the role of the market. It points out that "the reform of the economic system is the key to comprehensively deepen the reform. The core issue is to deal well with the relationship between the government and the market and make the market play a decisive role in the allocation of resources."

In order for the market to play a decisive role, the government must respect the market and release the dividend through reform.

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< p > the current A share market investment function has not been brought into full play. To a large extent, the investment freedom of a href= "http://www.91se91.com/news/index_cj.asp" > investors < /a > has been restricted. Investors, especially small and medium-sized investors, have encountered great unfair treatment in the process of investment.

Take the current T+1 trading system as an example, in the face of a rapidly changing market, many investors can not correct their erroneous pactions through timely rotation pactions, so as to avoid greater investment losses.

At the same time, under the T+0 trading mechanism of stock index futures, large individual investors and institutional investors can improve the efficiency of capital utilization through hedging and T+0, seize investment opportunities and avoid risks in time.

The same market, different trading mechanisms seriously hurt the interests of investors, unfair trading mechanism is not enough to enhance investors' confidence in the A share market, and the gradual loss of the A share market investment function has a certain relationship with this.

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< p > we understand the central government's efforts to push a href= "http://www.91se91.com/news/index_cj.asp" to Shanghai and Hong Kong through /a.

We also hope that in order to ensure the smooth progress of the Hongkong and Hong Kong Exchanges, the parties concerned should effectively sort out the unequal trading mechanism between the A share market and the Hong Kong market, laying the foundation for the smooth docking of Shanghai and Hong Kong.

If the A share market trading mechanism is still going its own way, it is likely that there will be an unnecessary impact on the A share market after the opening of Shanghai and Hong Kong. Despite the restrictions imposed by the regulators on Hong Kong trading, the amendment of the trading system to make it conform to the international market as early as possible is still an important prerequisite for ensuring that there is no imbalance between the domestic and foreign markets in the opening process.

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