How Should The "Systematic Security" Of China'S Stock Market Be Solved?

The systemic security of stock market can no longer be insensitive. The protection of "systemic security" depends not only on regulators, but also on the market players. It also needs to coordinate and handle the external factors of the market.

In June and July this year,

There has been a series of complaints, but the core issue is the situation of "systemic security".

To solve this big problem is the fundamental starting point for us to take measures or take measures.

Therefore, whether stabilizing the scheduling of market funds or the schedule of IPO, or starting the registration system, will be based on this consideration.

Confrontation is a very incomplete understanding.

After further stabilization of the stock market, relevant reform measures will be implemented quickly, and some reform measures can also be speeded up moderately, and the basic direction of market-oriented reform will not change.

We will not easily suspend the reform process because of the experience of market reform.

Under the premise of "systematic security" being basically guaranteed, let the market players fully play the game, allocate resources independently, determine the paction price independently, and supervise the supervisors according to the law, which is still the goal we should strive to achieve.

Even during the current crisis management, we are working hard to insist on doing so.

After this crisis, we have a "stock market".

Having a more profound understanding, that is, to ensure "systemic security" depends not only on regulators, but also on market players, and also on coordinating and disposing of external factors. Not only does it depend on the SFC and stock market participants, it also relies on the whole macro management system and the whole capital pfer system, such as the people's Bank, the Ministry of finance, the SASAC, the China Banking Regulatory Commission and the Insurance Regulatory Commission.

The establishment of stabilization fund is an important achievement in dealing with this crisis. This mechanism should be maintained for a long time and should be perfected gradually according to market changes.

The role of the stabilization fund is mainly to solve liquidity risk while giving consideration to value guidance.

A serious problem exposed in the crisis is that some securities institutions, some investment institutions and some listed companies are insensitive to the "systemic security" problem of China's stock market.

Some investment institutions and listed companies blindly pursue their own interests, do not hesitate to hurt the interests of the whole market, and are willing to "streak".

Compared with the big American investment bank, the gold Lord class, the Big Mac enterprise's faith in "American value" and the maintenance of the value center of Wall Street, we should feel the sweat.

Up to now, all parties have recognized the importance of "systematic security" in China's stock market and realized that without security, there would be no better development.

However, there is also a public opinion that "malicious short strength" does not exist at all, and there is no conspiracy.

Many people consider the market risk from the direction of "free trading", from the direction of "government misconduct", and ignore the non market risks and non-governmental risks that exist in the intervention system.

I think this is also a kind of insensitive attitude.

To see whether a market's risk comes from "free trading" and "government misconduct", we must see whether the market is truly "independent market", whether there is "independent pricing power" and whether there are "unfair intervention factors" outside.

We must take these three problems seriously.

NYSE has all the tools for shorting China's stock market (ultra short term Xinhua FTSE China 25 index ETF futures) and Singapore Stock Exchange also has a short selling tool for China's stock market (Xinhua FTSE China A50 index futures), but China's stock exchange has not yet shorted the stock market in other countries.

Some institutions within the territory are going to empty the domestic stock market with these tools.

At the same time, the power of misreading, distorting and singing China in international public opinion has not been reduced by "drop type", but is still strong.

According to the data released by China Internet association, 61 thousand websites in China were put into control through overseas backdoors in 2013, a significant increase of 62.1% over 2012.

In 2013, the national Internet Emergency Monitoring Center found that 15 thousand hosts were controlled by APT Trojan horses.

What are they working on? Wouldn't it be as simple as digging up a sweet potato and stealing an egg?

The fact is that the institutions and individuals who echo the Chinese public opinion objectively exist, and some organizations and individuals also have certain weight and influence.

They tried to disrupt the normal order of the market by making rumors and deliberately "empty singing China".

No longer can be insensitive to this.

We do not have the slightest intention to exaggerate the power of malicious shorting, nor do we have the slightest intention to hype "conspiracy theory".

We sincerely hope to create a fair, just and open market and share the market value with investors in all countries and regions in an equal manner.

It is illegal to manipulate the market power for malicious short selling. No matter where we come from, we treat it equally: neither amplification nor limitless reduction, nor ostrich mentality or blind sight, but disposal and scientific disposal according to law.