China'S Economy: Keeping The Economy Running Smoothly In The Face Of Challenges

In the near future, improving the quotation mechanism of the RMB exchange rate is a reasonable measure to comply with the trend of the international financial market, but the RMB exchange rate has no basis for sustained depreciation, and it can remain basically stable at a reasonable and balanced level.

We should continue to push forward the reform of the financial system and maintain the stable operation of the financial market.

We should speed up the construction of relevant systems and cultivate a pparent, long-term, stable and healthy capital market.

Li Keqiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, chaired a special session of the State Council to study the impact and Countermeasures of the new changes in the international economic and financial situation on China's economy and make an important speech.

Zhang Gaoli, member of the Standing Committee of the Political Bureau of the CPC Central Committee and vice premier of the State Council, attended the meeting.

Li Keqiang said that the recent international market turmoil has added new uncertainties to the world economic recovery. The impact of China's financial markets, imports and exports is also deepening, and the economic operation is under new pressure.

In the face of the complicated international environment and the appearance of deep contradictions at home, we insist on making steady progress and continuing to push forward structural reform, and gradually introduce a series of directional control measures such as lowering interest rates, reducing taxes and lowering fees and stabilizing the market. The effect is constantly emerging. The positive factors accumulated in structural adjustment have also enhanced the development of kinetic energy, and the economic operation has been maintained at a reasonable interval, and economic growth has taken the lead in the world.

Li Keqiang stressed that in the case of the weakening of traditional growth momentum, we should take more measures to reform and open up, increase the supply of public goods and public services, and enhance the driving force of economic development.

We must innovate the way of investment and financing through establishing

We should replace local stock debt, issue corporate bonds, adjust the proportion of capital investment in fixed assets investment projects, etc., so as to enhance the investment ability of local and enterprises, promote the development of public facilities and other major projects, and support the development of the central and western regions and poverty-stricken areas, and expand effective investment.

Promoting new demand around the consumption of residents and promoting

The new policy of promoting people's livelihood promotes the development of express delivery and other industries, and releases the potential of consumption.

It supports the upgrading of quality and efficiency in the real economy, and accelerates depreciation in machinery, textile, light industry, automobile and other fields, and increases support for investment in traditional industries.

Expand the application of green energy saving and low carbon products and promote "

"Expand to more industries and form new growth points.

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This week, the Shanghai Composite Index has fallen below the annual line. This is a matter of great concern. The position of the annual line is around 3406. The significance of breaking through the annual line is that the market has fallen below the average cost of the stockholders in the past year, and the market profit margin has been very small. The annual line is the pivot of the market equilibrium, and the trend away from the annual line will pull back to the annual line.

At the 5178 highest point, the Shanghai composite index is more than 2000 higher than that of the annual line, and the Shanghai composite index is more than 500 below the annual line. Now the annual line is still rising from 3 to 4 points, but the annual line is turning downward. That is to say, the bottom of the market is still going on, but it has fallen into the stock market. The market is always getting closer and closer. It will not get farther and farther away. From this perspective, the market opportunities are falling out. When all the leveraged people are down, maybe the real bottom of the market will come. Maybe this is a good time to sell stocks and sell stocks into stocks. This year rose to

The stock market is like a game of building blocks. The original floor, such as the annual line, the 3373 point and the 3000 integer pass, are now becoming the ceiling of future market upside down, which needs to be broken in the future.

Who is the short bearer of the market? Actually, there are many stocks in stock. If there is a stock in stock, they will be shipped out and run for life. Once the stock is finished, it will only be empty on the mouth, which will not hurt the market.

The problem is that the complexity of the market now lies in the fact that the leverage of the market is somewhat beyond the imagination of the people.

The first thing that brought damage to the market and toppled the "Domino" is the OTC allocation. How much is this scale? There is no authoritative data from the beginning to the end, and the gross estimate is 2 trillion.

At present, the scale of the two scale of the securities business is still 1 trillion and 110 billion yuan, the market reappears 1000 shares limit down, and the two melting is forced to clean up is an inevitable trend.

Whatever problems the stock market goes up can be covered up.

Another lever is the equity pledge of listed companies, and its scale has reached about 1 trillion and 500 billion, involving about 1000 listed companies. Now the stock market keeps falling, and after the stock market ebb, it finds out who is swimming naked. People think the off-site allocation is clear, and the two fusion has also fallen by more than 1 billion yuan. This leverage is almost the same. But after the Shanghai stock index has fallen below 3000 points, the lever of equity pledge has emerged again. If the stock market continues to fall, it will hit the bank financing line.

The market seems to have entered such a death cycle. The more it falls, the more it throws and falls, the more it falls and the stronger it is. The more it falls, the more it is not the problem.

When the stock market fell to 4000, it began to rescue the market. The alliance of the securities dealers also told the public that the securities dealers themselves did not sell stocks below 4500 points. This pledge is now only a month away. Now that these two points have been looked up, a large number of funds in that market have been stuck in this area. Now that the stock market falls to this share, it must lose a lot.

The policy was at about 4000 at the time, and the distance between the bottom of the market and the bottom of the policy was so large that it has dropped to more than 1000 points below the bottom of the policy.

The bottom of the market is determined by the market. It is the real bottom of the market recognition. It is the bottom of the stock market and the bottom of the value for money. It still needs to be repeatedly tested and verified. The bottom of the market needs time to test.