Implementing Registration System Is A Systematic Project And A Program.

The SFC's top management should be silent and do more work, especially on the sensitive issues such as market and valuation.

If we take the important role of the stock market to economic growth on the shoulders of the SFC, then will the SFC not be guilty of the blasphemy?

The leaders of the SFC once again made headlines. Instead of Xiaogang, they were replaced by Fang Xinghai, the vice chairman of the new office. The venue was the Swiss town of Davos.

Fang Xinghai's voice in Davos is as follows: first, we need to emphasize that "regulators plan to reduce market intervention and let the market more freely fluctuate".

The two is to tell the world, "China's stock market is more developed than that of developed countries."

More, because China's stock market participants are mainly retail investors, lacking the experience of large institutional investors ", so" the world should be accustomed to the high volatility of the Chinese market ".

Three, the fusing mechanism is not an appropriate one.

Policy.

Four, the stock market value around 2900 is still relatively high.

Five, "China's stock market plays an important role in economic growth. Last year, China's stock market raised 1 trillion and 400 billion of its financing, but it could still do better."

There are also such issues as "no talent crisis in the SFC" and so on.

As we all know, the top executives of Foreign Securities Regulatory Commission seldom speak.

For example, the SFC only adopted a series of measures such as prohibiting naked short selling during the financial crisis in 2008. Even if the stock index rose to the sky and fell to the floor, it would not be openly discussed.

But here we are shouting at night and watching from the outside. It seems that the SFC does not exist if it does not appear to shout.

Why is the chairman of the SFC like "sitting on the crater"? It's because of talking about the market, talking about the stock index's ups and downs, and its wonderful work.

Another problem is the so-called "China's stock market plays an important role in economic growth".

Of course, objectively, any country's capital market plays an important role in economic growth.

But this is not

The responsibility of the SFC is to maintain an open, fair and fair market and protect the legitimate rights and interests of small and medium-sized investors to the maximum extent possible.

Fangxing's voice has just dropped, and all kinds of comments have followed.

Not to mention that Fang Xinghai said, "the world should get used to the high volatility of the Chinese market", and vice president Li Yuanchao said that "the government will strengthen supervision to avoid excessive volatility". Who should represent the government more than the two? Fang Xinghai said, "last year, China's stock market financing amounted to 1 trillion and 400 billion". Not long ago, Xiaogang reported on behalf of the securities and Futures Commission. The data it came out was "157 billion 829 million yuan for initial listing," and "893 billion 196 million yuan for refinancing issuance and financing," which means a total of 1 trillion and 50 billion yuan.

As a senior official of the securities and Futures Commission, speaking at will is quite puzzling and overwhelmed: whether high volatility is a "new normal" in China's stock market, or should it be pressed?

According to the caliber of the "13th Five-Year plan", we will strive to achieve a stable and sustained and healthy development of the market.

In my opinion, the senior level should be less vocal and do more work, especially on the market, valuations and other sensitive issues.

In those days, Guo Shuqing said, "blue chips have a rare investment value". I don't know how many investors have been locked up. Xiaogang said, "I agree with the reform of cattle and leveraged cattle".

It was in the rally of cattle and leveraged cattle that the stock index went to 5178 points, and the gem only created a myth of 150 times.

Now Fang Xinghai said, "reducing the intervention in the market", and later said that the stock market is still "relatively high valuations". The high valuation is the market's final say. Hundreds of millions of investors have the final say.