For China'S Stock Market, Stability Is The Key Task.

The "13th Five-Year plan" outlines the direction for the development of the capital market, and there is no word "strategic emerging board", and emphasizes the "creation of conditions for the implementation of registration system".

It can be seen that the outline has a certain protective significance for the requirements of the development of the capital market.

In March 17th, the outline of the thirteenth five year plan for national economic and social development of People's Republic of China was officially promulgated, which will undoubtedly have a significant impact on the future economic development of China.

Among them, it has an important impact on the capital market.

Obviously, only in the context of ensuring market continuity and stability can we deepen the reform of the stock market and further promote the further development of the capital market.

Therefore, the requirements for the development of the capital market in the 13th Five-Year plan outline also have a certain significance of care.

Specifically, it includes several aspects.

First, we should actively cultivate open, pparent and healthy capital markets.

Secondly, there is no word "strategic emerging board" in the 13th Five-Year plan.

Thirdly, the outline emphasizes the "creation of conditions for the implementation of registration system".

Fourthly, increase the proportion of direct financing and reduce the leverage ratio, and encourage enterprises to reduce the leverage ratio through debt to equity swap.

Fifthly, deepen the reform of the second board and the third board, and put forward the establishment and improvement of the pfer mechanism and exit mechanism.

Its six is to promote two-way opening of capital market and raise the degree of opening up of stock and bond market.

It is worth mentioning that the recent high-level central committee has also stressed the idea of "opening up Shenzhen and Hong Kong through this year".

As a result, with the acceleration of the launch of Shenzhen Hong Kong Tong, the mode of "interconnection" between the two markets is expected to be further deepened.

From the overall analysis, the "13th Five-Year plan" outlines the direction for the development of the capital market, and the whole is more than the long-term healthy development of the capital market.

However, throughout the 13th Five-Year plan, there are two core highlights, which are crucial to the operation of the medium and long term stock market.

Among them, the word "strategic emerging board" did not appear in the 13th Five-Year plan outline, which confirmed the accuracy of the recent market's deletion of "strategic emerging board".

In fact, over the past few years, although the expansion rate of the A share market has been significantly improved, the resources competition between the Shanghai Stock Exchange and the Shenzhen Stock Exchange has undergone a significant differential development.

Among them, the Shenzhen Stock Exchange's expansion rate is significantly higher than the Shanghai Stock Exchange, and the average daily turnover of Shenzhen stock market has already been higher than that of Shanghai stock market. This also reflects to some extent that the competitive advantage of the Shanghai Stock Exchange's listed resources has obviously lagged behind the Shenzhen Stock exchange.

Strategic emerging board has been considered as a powerful weapon to enhance the competitive power of Listed Companies in the Shanghai Stock Exchange, and it can substantially reduce the situation of differentiated development of listed resources between the two exchanges.

Today, however, the strategic emerging board has been deleted, which has indeed caused some thoughts in the market.

On the one hand, it manifests itself.

Taking full account of the risk bearing capacity of the existing market, we can not exclude that there will be more perfect supporting measures in the future. On the other hand, it will indirectly reflect that the policy of the executive management has been relatively stable, which has changed the strategy of relative radical policies in the past. It is intended to stabilize the market and create a sustained and favorable market environment for the subsequent market reforms.

Moreover, in the "13th Five-Year plan" outline, "creating conditions to implement stock issuance" is put forward.

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Thus, the term "creating conditions" has brought many conjectures to the market.

In fact, in retrospect of the government work report in recent years, the attitude towards registration reform has also undergone a marked change.

In the 2014 government work report, it was the first time to put forward the "stock issuance registration system".

Point of view.

In 2015, it put forward "strengthening the construction of multi-level capital market system and implementing the stock issuing registration system reform".

However, in the 2016 government work report, the content of the registration system was not mentioned.

Today, although the "registration system" has been mentioned in the 13th Five-Year plan outline, it has emphasized the "creating conditions to implement the stock issuing registration system".

Thus, in the formulation of registration system, management strategy has also changed.

It is worth mentioning that since March 1st this year, registration reform has been authorized and implemented for two years.

Therefore, at the present time, it is at the time when the registration system reform is implemented, but it does not mean that the registration system can be launched immediately, and it needs to complete a series of supporting reform measures.

It can be seen that in the "13th Five-Year plan" plan, the emphasis on "creating conditions to implement registration system" has also given the market a certain period of preparation.