There Are Many Problems In China'S Stock Market.

There are many problems in the stock market in China, and the exchanges still ignore their reality and stock investors' sentiment and continue to innovate from their own perspective.

If the two sessions, chairman Liu's speech, we all have a heart to heart, the new chairman answered a lot of questions is decisive, then the following discussion is also the private capital market for everyone's attention, advice and suggestions, strive to no longer let Chairman Liu so passive, can hear different voices, this background is very critical, is the sentiment, the market participants think, what is the investor's consideration? And our regulatory authorities, especially the two major links of the securities and Futures Commission and exchanges, whether fully communication?

Therefore, it is against this background that after the first appearance of the press conference of chairman Liu, the market is satisfied. It is not easy to be in office for 22 days. Facing such sensitive moments and sharp problems, you can not avoid it. The market has also made a satisfactory reply to President Liu's appearance.

But many deep-seated problems are not solved by this press conference. The next second sensitive topics, the strategic emerging board was deleted from the 13th Five-Year plan, so the reform of the exchange has not been put on the agenda. This issue is closely related to the registration system. What is the registration system going to do?

When I discussed with Chairman Xiao Gang many times, I also published my own view. If the fundamental problem is not solved, what system does China have to do? It is not good to say what kind of system China should make. It is said that the approval system is not good. The approval system is adopted, and the approval link of the Hongkong exchange is mainly learned.

As a result, the approval system is signed and someone is responsible. The approval system only embodies the power of the people, and the investors are at risk and irresponsible. Is it a approved form of approval in real Hongkong? Therefore, we blindly feel that the approval system is not good enough to change the registration system.

Looking back, the first question is whether we should blindly implement the registration system like the US in the initial stage of the development of China's capital market, or even the retail market. Second, the material enterprises in the newspapers will be able to go up. Can the capital market be able to bear the expansion after the expansion? Third, after the establishment of the new three boards, the three exchanges are tripartite, and the competition among the exchanges is enhanced.

Therefore, if there is no check on the overall expansion, it is simple.

After implementation, can the market afford it?

Against this background, I also sent a micro-blog to the chairman Liu, who said that I understood that the fuse system was sentenced to death, the registration system was sentenced to no period, and the connotation of registration system needs to be studied.

How should we introduce the registration system and combine the national conditions? Therefore, we need to establish a mechanism which is approved by the SFC and approved by the stock exchange. The SFC reserves the right to veto. The exchange no longer pays attention to value audit and approval, and makes the approval of procedure and authenticity.

To put it bluntly, instead of calling it a registration system, it is better to call it an improved approval system. The key is that the main body has changed.

The next step is to draw up a multi-level capital market and how to implement the registration system. We all know that before the two sessions, the SFC has been discussing the draft system.

But now they are basically suspended.

But moratorium does not mean stopping forever, and moratorium does not mean that we have only one mode. I just introduced the SFC registration to retain the veto power and the exchange to abandon the approval orientation of value judgment. I think it may be a feasible model in the future.

But after the approval of the exchange, we are going to work hard. We can see that in the past few years of competition among the exchanges, we can see that the Shanghai Stock Exchange was the oldest one. Later, it was found that the light industry was not able to eat a partial eclipse.

So, how can we put ourselves in a favorable position? So the exchange makes innovations without any threshold.

Therefore, the new three board launched a hierarchical system, the top level to engage in collective bidding.

In Shenzhen, we need to engage in no threshold gem, key technology and Internet companies.

Shanghai needs to make strategic emerging boards. Of course, we have no threshold for generalize it.

All exchanges have statements, or the State Council or the SFC's regulators have entered the document, and it is necessary to push forward. It is also an important part of the various exchanges to maintain their competitiveness. They must be approved in Beijing.

And this ignores a problem, and how the market thinks they have opened the threshold free sector.

I think you see it too. Don't listen to so many nice terms. What is strategy?

What is strategy? What is emerging? Is there no gem in Shenzhen? The top three designs of the new three boards will not be faced with new industries in the future. Their three essences are no threshold. It is a matter of their own point of view, which is conducive to maintaining competitiveness in the future.

Have the exchanges considered the strategic thinking of chairman Liu and the capital market as a whole? Have they considered the acceptability of the market? Therefore, this is the essence of the problem.

So we think there are two choices, especially when Vice President Fang Xinghai became Vice Chairman of the SFC. When we first appeared, we talked about the strategic emerging board. How do we open the three sectors?

At present, there are more than 5000 enterprises in the new three boards, but the top floor design is not open, just like a woman with a big belly.

Therefore, the new three boards put forward the system of collective bidding and pfer, but the Shanghai and Shenzhen Stock Exchange felt that the new three boards had no threshold and they had to bid for the paction. As with our trading mode, what should we do?

Either three companies open together, Shenzhen's growth enterprise market, Shanghai's strategic emerging board, and the new three boards' top-level bidding paction. It is a game process. We must open three companies and move together.

At such a time, all move, movement is too big, everyone wants to move first.

Therefore, the first speech of vice chairman of the party not only mentioned the strategic emerging board, but also pointed out that it must be done. You can check it. On the same day, not only did you mention the strategic emerging board, but also referred to the science and technology board. The same day the news broadcast also broadcast the mayor of Shanghai in knocking on the Science Board.

Vice president of Shanghai, as the director of the Finance Office of Shanghai, has deep feelings for Shanghai. For a long time, from the warrant to the original international board, the international board had to be opened.

Considering today's stock market competition in the three exchanges, as the vice chairman of the securities and Futures Commission, we must consider the issue from a national perspective. We must consider the chairman of the SFC for a game of chess. Therefore, the press conference of the second vice chairman of the Committee has also been opened up, such as Shanghai and Hong Kong. What about Shenzhen Hong Kong Tong?

I feel that we should solve the present problem first, and the plot should not be too heavy. We must consider the problem from a national perspective.

I think today's meeting is going to talk more deeply, solve the problems we care about, and listen to the fact that President Liu can hear the truth. It is not only for the market, but also for investors to listen to the truth, and more importantly, let the regulators hear the real voice of the market.