Cao Zhongming: The Second Largest Stock Market In The World Is Not Worth Showing Off.

There are two main reasons why China's stock market can be ranked as "the second in the world". First of all, it is related to the extraordinary development of the A share market. Since its birth, it has been less than 20 years, and the number of listed company in Shanghai and Shenzhen two cities has exceeded more than 2500. The scale has expanded rapidly, which is very rare in the history of global capital market development. Behind the unconventional development of the stock market, the "marketization" of the listed companies is increasingly "marketization". It also witnesses that investors have paid a huge price for them.

Second, it is closely related to the stock market warming in the second half of this year. If we only rely on the "barbaric growth" of the stock market and become the second largest stock market in the world, it is meaningless. Since late July, under the background of the rising of people's minds, Shanghai and Shenzhen stock markets have been quietly rebounding under the stimulation of Shanghai and Hong Kong's good cooperation. At present, they have entered a real bull market stage from the "technological" bull market. Moreover, like the previous two years, European and American stock markets have repeatedly created new heights in recent years, the Shanghai Composite Index has hit a new high in the past three years, and continues to expand space. Therefore, in this sense, "Jin Shen" has a certain "gold content" for the second largest stock markets in the world.

Only last year, A shares struggled in the world's most "bear" quagmire. Since 2009, A shares have been playing the "bear bully global" farce for several years. As a matter of fact, China's stock market has gained "first" in the global capital market. For example, the A share expansion rate is the first in the world, the stock exchange rate is the highest in the world every year, and the amount of financing is often the first. On Friday, the Shanghai and Shenzhen two cities totaled 710 billion 400 million yuan, surpassing the peak turnover in the history of the US stock market and creating the first in the global capital market's single day turnover.

Most of the investors have benefited from the stock market, but the second largest stock market in the world is not the capital we flaunt as far as A shares are the most frequent "bear" from the past to the second largest global stock markets today. The big bull market in 2007 was magnificent, and it rose like a rainbow. The Shanghai Composite Index hit a historic high of 6124 points. What was the result? In the wake of the financial crisis, the A shares in 2008 were beaten back to "original shape". Once, PetroChina became "the most valuable company in the world", ICBC became the "most valuable bank in the world". Eventually, these so-called "most valuable" listed companies were not only abandoned by small investors, but also spurned by institutional investors. The higher they stood, the worse they fell. In particular, PetroChina has also become the "culprit" of the Shanghai and Shenzhen stock market. Unfortunately, the most profitable company in Asia has turned into a "hold up investor company".

Even if China's stock market goes beyond the US stock market one day, it is not the first thing in the world to be complacent. In terms of the current stock market, it is obviously more important whether the market can produce a healthy and quality bull market. If it is the same as that of 2007, it will be rushed and hurriedly. After investors have enjoyed the feast of the stock market, they will leave them with a vast abyss. The so-called bull market is merely a market of holding up or losing money. No such bull market. What we hope is that A shares will operate smoothly and smoothly like the US stock market, so that investors can really benefit from the stock market.

China's stock market has become the second largest stock market in the world, and our stock market should mature as the European and American markets. Why did the European and American stock markets quickly adjust themselves after the financial crisis and the European debt crisis? In particular, the US stock market was in the cradle of the financial crisis. In recent years, the Dow Jones index has been able to constantly refresh its historical high point. Why has China's GDP been growing at a high speed, and the stock market has obviously deviated from it, and has frequently been "bear bully global"? And an immature market, the ups and downs is its fate, the haze of the crash will always linger.

Of course, the second largest stock market in the world, how to protect the interests of small and medium-sized investors is the top priority. If we try to give investors some sugar in 2007, and then carry on "bloodbath" for investors, investors will lose money after a round of roller coaster. Then the position of "second" will not be guaranteed, bringing new damage to the market. In response to the recent stock market rally, a spokesman for the securities and Futures Commission said on Friday that the operation of the market is affected by various factors, but the most important thing is to ensure the smooth operation of the market. The SFC will pay attention to market dynamics, strengthen supervision and ensure the safe and stable operation of the market. How to ensure the smooth operation of the stock market is worthy of attention. Of course, the most important thing is to protect the interests of small and medium-sized investors. Otherwise, what's the point of becoming the second largest stock market in the world?