To Rectify The Trend Of The Whole Economy "To Go From Real To Virtual" Requires A Protracted War.

Whether the recent market adjustment trend means a new regulatory storm is inevitable. This is a problem that needs to be addressed and worth pondering.

The key points of effective strategy and effective measures to prevent and resolve financial risks are not to be blocked.

This is the key to the A share market going out of nowhere, and it is also the key to grasp the great logic of the new normal economic development, to turn pressure into motive force, and to maintain the steady development trend of the economy.

Since taking office, Liu Shiyu, chairman of the securities and Futures Commission, has implemented the concept of supervision according to law, comprehensive supervision and strict supervision, which is being implemented through a series of specific regulatory measures.

However, in my view, this is not so much a common regulatory blow as people used to be accustomed to, but rather to correct some deviations in the past through reform, especially to strengthen supervision and protection, to protect investors' interests, to crack down on crimes committed in the capital market and to violate laws and regulations.

On the one hand, the new regulatory thinking has maintained the stability of the market. On the other hand, it has effectively controlled the risk of re enlargement, and has done a lot of work for the medium and long term healthy development of the market.

At the meeting of the Political Bureau of the Central Committee, the phrase "the smooth operation of the financial market is generally stable".

Admittedly, there are still some important issues in the financial market.

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In order to effectively prevent and solve the hidden danger of financial risks, we must adopt the correct strategy and effective measures to comprehensively promote and implement the five key tasks of "capacity reduction, inventory elimination, deleveraging, cost reduction and compensation".

The key to eliminating capacity and deleveraging is to deepen the reform of state-owned enterprises and financial sectors. The key to reduce costs is to increase the flexibility of the labor market, restrain asset bubbles and reduce the macro tax burden.

It can be seen that the theme of "deleveraging" and "suppression of asset bubbles" are not always in line with the central idea of making steady progress, nor are they very conducive to the steady development of the financial market and the overall economy.

At the same time, we should standardize the behavior of backdoor and major asset reorganization of listed companies, implement a strict mandatory delisting system step by step, severely punish IPO fraud, curb the speculation of shell resources, continuously strengthen the supervision and punishment of insider trading in the market, make the market environment relatively purify, and create better conditions for further registration system reform in due course.

However, we must not lose sight of the fact that the overall level of marketization and rule of law is not high enough. Especially when the situation of financial supervision and regulation of railway police has not been well solved, "deleveraging" and "suppression of asset bubbles" are a long-term task for China's financial market and capital market. However, this does not mean that financial markets and capital markets must continue to scrape regulatory storms.

Many practices in the past have repeatedly proved that the regulatory storm is not simple and easy to achieve, but it is even more simple to say "once and for all".

current

The main characteristic is "to go from reality to emptiness".

In the past, due to the lack of dialectical and pragmatic understanding of "controllable risk" under market conditions, there were many times when the risk control was not really carried out. Instead, a series of derivatives were introduced to disperse risks, so that many risks were released to the market under the condition of lack of "controllable risk".

When a large number of highly leveraged financial products and bubble speculation are introduced as market products, asset prices are seriously distorted and a lot of capital is deposited.

When the whole economy is being deformed and virtual, we do not know how to control or control it properly. This will cause great harm to the real economy and bring about a very negative impact on the whole financial system and capital market.

To rectify the trend of "integrity and emptiness" of the whole economy needs a protracted war, and, of course, it is inseparable from legal supervision, comprehensive supervision and strict supervision.

Not only in the stock market, but also in banks, insurance and other financial fields, we must implement a series of necessary and practicable risk prevention measures to prevent speculative forces from taking advantage of their capital advantages to make waves, harming investors, damaging the interests of small and medium-sized investors, and bringing unexpected and great losses to the overall market and the real economy.

However, risk prevention has always been like flood fighting.

Financial markets and capital markets are no exception.

For financial risks which are easy to flood like floods, on the one hand, of course, we need timely and courageous "soldiers to stop and water to cover up". On the other hand, from the long-term global overall effect, it will be "blocked up" or "sparse" in any case.

Appropriate and effective guidance can sometimes replace the smallest loss with the best interests of long-term stability.

And improper operation of the pursuit of interception is likely to backfire, triggering new and greater risks, and even financial crisis.

Then, why should we not choose the right and farsighted persuasion instead of having to work hard to catch up with the people? In my view, the Central Committee's Politburo pointed out that the key to effective prevention and resolution of the hidden danger of financial risks is "right and effective".