2015 Measures To Reform The Capital System Are Worth Looking Forward To.

Liang Hong: I think this year we look forward to a very high level, one is the reform of state-owned enterprises, right? In fact, local state-owned enterprises have done a lot, but at the national level, the big reform plan, a few timetables are pushed back a bit, right?

As we said last time, two markets, 2/3 of the heavyweight stocks are state-owned holding enterprises, this is one.

Personally, I still look forward to it.

The reform of the system.

This is also the last time I talked about why there are so many problems in our stock market, for example, some recent rises, we are all very upset. What is lacking in this system?

First, lacking institutional investors and institutional investors, I think what we most expect this year is the reform of China's endowment insurance.

That is, you need to have a long-term institutional investor in China.

Last time we talked

That is to say, the importing institutional investors, right? But later it was discovered that China is not bad money. We do not need the PLA to save us. We can save ourselves.

But if they are all retail investors, and some of them are leveraged, this is not a way of investment. This is speculation.

I bought it today, and I will find someone else to sell it tomorrow. It is not like some professional investors we want to do for a long and steady income.

The experience of all the countries in the world has proved that the most important stabilizer in this market is some endowment insurance long line funds, and the construction of China's own old-age insurance system should be said to be very, very lags behind, so I think this will be much more than Shanghai and Hong Kong and Shenzhen Hong Kong this year.

Second, I think that this investor, fund side of this reform, I think we have seen.

In the past, we were all public funds, and we all criticized that the public funds seemed to be different from those who gave money to the managers. It was the money they managed to get, so he took all that money, right?

A great reform in the year before last: the implementation of the fund law has made many private equity funds, or non state owned funds, come into being. Their interests and incomes have begun to become more and more consistent.

So I think this side.

It is already happening. Everyone is talking about what to raise under the sea. I think this is also very important. The Chinese are not stupid at all. They are no worse than the outside. If you just do the job well, he knows what to buy and what to buy.

Third, I think it is very important for us to talk about this year's registration system. If you really want to do the registration system, you have to open it at the supply side. For example, the stock market is very good now. Why not issue it? Why not make the enterprise more financing?

In this way, corporate financing will return to the entity. Our economy can be circulate one way, and do not have to worry about the excessive rise of stocks.

So, if we really want to go to the registration system, there is also a very important guarantee, that is, there should be a real punishment for all illegal activities, whether it is false information, the business side or some participants, including the blow of insider information.

Right?

I remember, many years ago, as if the leader had said that it is necessary to increase property income for the Chinese people, how can we set up rules, and how can we let him give such a diligent and willing to save the nation that China can have a better long-term return.

If this is done, I think we will see some germination in the construction of these systems. I think this year is probably the most important implementation year.

Just now, the most important thing is the construction of an endowment insurance system. One is the real registration system. The registration system has both the issue and the marketization, and the other regulation is back to the regulatory position.