Abuse Of China's Stock Market Is Not A Wise Move.

Since the reform and opening up, due to the fact that China's cultural construction and economic theory construction have not kept pace with the economic and social development, there has been a short board of economic theory, which has led experts and scholars to not fully explain "China's development", "China's model" and "China's characteristics".

In recent times, China's stock market has been rising steadily. There is a so-called expert who can not explain why the stock market has gone up sharply, so he accuses it of being a "casino". This practice, which is divorced from the reality of China's economy and stock market, and does not respect the market participants, is the biggest irrationality and should be corrected.

In fact, it is possible to attract gamblers in every field of the world. For the stock market, there are gamblers in the US stock market, the British stock market, the developing Japanese stock market, the Chinese Hongkong stock market and the Singapore stock market. However, we can not say that the place where gamblers visit is casino. Because of local problems, it is very unkind to kill a whole pole.

In the history of the development of China's stock market, the so-called experts who "put their words" have not just appeared, and more than one. The earliest initiator was scholar Wu Jinglian, who first proposed the theory of gambling. Xu Xiaonian, the scholar, further put forward the theory of "pushing back the past." as an independent economist, Xie Guozhong proposed the theory of "meat chopper" and "theory of value destruction", while Hu Shuli, a media man, shouted "three irrespective of" "no rescue, no rescue, no need to save" when the stock market crashed in 2008. These remarks that belittled and belittled China's stock market have been widely reported.

At the end of 7 2014, after 7 years of decline, China's stock market reversed under the background of the new economic normal and comprehensive deepening reform. However, some so-called "experts" who do not understand the reality of the stock market reconsider the theory of gambling. They believe that the large and overall rise is due to the fact that Chinese people are gambling. The Shanghai composite index reaches 3500 or more points, that is, speculation is prevalent and bubbles are all over the sky. An old man who once served as vice chairman of the National Federation of industry and Commerce has shouted at the solemn occasion of the Boao forum such as "China's stock market is coming out of its mother's belly and is skewed". A professor who teaches in a central university in China calls almost every day the Chinese stock market is a gambling house. A financial writer who seems familiar with the US stock market repeatedly says that China's stock market is a "legal big casino".

However, the above argument of negating everything is untenable. Although China's stock market has accumulated a few bubbles after six months of rising, it needs to be digested. At the moment, it is good for investors to hint at risks. However, this does not mean that the Chinese stock market is used as a casino, or that the people involved are all gamblers. Experts who advise risk do not think that "all the people are stupid"; the stock market bubble is also hierarchical and structured, not every stock is immersed in a bubble. Moreover, a structural bubble in the market is a normal phenomenon. For this reason, it is unfair and unreasonable to abuse the whole stock market and insult the Chinese stock market and all kinds of investors in China.

I have pointed out many times that China's stock market is not only a barometer of economic data, but also a barometer of the reform process and a "double barometer". The bull market launched in July 2014 is a positive reflection on deepening the reform in an all-round way. The 190 reform measures will be introduced in 2015. The major changes that will stimulate market vitality, standardize administrative power and reconstruct production relations will have profound and real impact on China's economic and social development. In the stock market now, China SFC Companies that have committed major violations should be ordered to withdraw from the market, normal inspections of listed companies and securities institutions, the implementation of a balanced listing of new companies and the steady advance of registration reform. These measures are to protect the market, not the other way around. As a barometer of the reform process, the stock market will continue to go well.

There are at least three aspects of the stock market differences between China and the United States: 1, the background of reform is different: the US economic and social system does not need to be substantially reformed (at least many people think so), and they have not made any major reforms. 2, the international standing is different: China is in the squeeze of the inherent international order; the United States is the main beneficiary of the global order, and the US political power and capital power can only divide the resources of all countries in the world. 3, the stock market stage is different: many companies in the US main board market are too big to expand, and their profits come from the whole world. After they have made large profits, they have little room for enlarging reproduction and what do they do without dividends? In contrast, most of the listed companies in China are much smaller than the United States, and their profits are limited to domestic sources. If too early A bonus How to expand? 4, economic driving is different: the United States is a leading high-tech country, and China is a technology catching up country.

It can be seen that China and the United States equity market At different stages, we must not be hard to compare. If China's stock market is rigidly applied in accordance with the US formula, China's stock market may never rise. Even in another 30 years, there can be no so-called bull market. China's stock market not only reflects economic growth, but also reflects on the reform process and dynamics. This bull market is "reforming cattle" and has sufficient motivation. We need to hint at risks and defuse risks, but we must manage cities according to law and manage risks according to law.

Since the reform and opening up, due to the fact that China's cultural construction and economic theory construction have not kept pace with the economic and social development, there has been a short board of economic theory, which has led experts and scholars to not fully explain "China's development", "China's model" and "China's characteristics". Some experts believe that by learning "American logic" and "developing the economics of the state first", they will be able to take the whole world into account, and think that relying on these theories can explain and solve everything in China's development. They habitually compare the US stock market with the Chinese stock market, and draw the conclusion that China is wrong, unable or unable. They looked up at the United States all day, unwilling to dare to look at the United States from a "flat" perspective.

I believe that this mindset and action are not only lazy brain, lazy learning, lazy politics, but also self depreciating, self humiliation and self destruction, which will eventually lead to misleading the country and the people and misleading people. If we really follow the ideas of individual experts, China does not need to carry out the strategy of "one belt and one way" and there is no need for Asian investment bank.

What we need to be vigilant is to suppress the vitality of the development of China's stock market by discriminating "theory" and "divorced from reality", resulting in a long-term bear market, which ultimately hurts the interests of ordinary investors and undermines the interests of national development. Of course, there are gamblers in the stock market, and there will always be gamblers. Both Chinese and American stock markets have risks and gamblers, but gamblers are different in gambling. In the long run, no matter which country's stock market is, it is rational win rather than gambling win. In the current Chinese stock market, rational investors are more likely to win.