Irregularities In Securities Market Regulation Are Still Rampant.

"Because of the highly asymmetric information, the stock market has made some irregularities harmful to investors' interests very rampant. The regulatory authorities have not put the main work on the mandatory information disclosure system, but put them on substantive examination and approval, making the securities market a rent-seeking arena." At the fourth Financial Street forum of Beijing trade fair, Wu Jinglian, senior research fellow of the State Council Development Research Center, criticized the existence of great defects in securities regulation.

Wu Jinglian released the 29 issue entitled "help". Financial supply side reform In a keynote speech to improve the quality of supply side, he said that the financial market is a highly asymmetric information market, so the regulatory issue is worth studying. For the regulation of stock market, we should turn to the former and the post regulation in accordance with the requirements of the third Plenary Session of the 18th CPC Central Committee.

Data show that the total leverage of the recent national balance sheet is close to 300%, which has great risks. Wu Jinglian said on the same day, "from 09 to now, every year there will be a policy of expanding demand, but the effect is getting worse. In 09 years, 4 trillion can still pull GDP to 8%. In recent years, the intensity of stimulus has not been reduced, but the effect is getting worse and worse. Negative effect 。 This situation shows that the way to expand demand and maintain growth has been unable to continue, and the reform of supply side is of great significance.

Wu Jinglian stressed that the reform of the financial system is an important part of the structural reform of the supply side. In recent years, there have been some good developments, such as the marketization of interest rates and the core reform of the exchange rate marketization. However, single push can not play a systemic effect, for example, in hedging risks. futures market It has become very important, and the futures market seems to have made little progress in this respect, so how to support all kinds of financial innovation is still a very important task.