Since this year, a imposing manner is like rainbow. Huang Jifan of adviser of science of 40 people forum represents Chinese finance, this year of capital market rise, result from the extra dividend that reform of a series of fundamental sex system produce, be " reform is arrogant " . Constant is big Ren Zeping of dean of chief economist, academy also thinks, this is round upgrade edition " reform is arrogant " .
Actually, every time of Chinese stock market is arrogant city, have immediate concern with significant reform move. This is not exceptional also.
Card put together points to on situation
1999: State-owend enterprise reform
1995, " the Central Committee of Communist Party of China develops about making national economy and society " 95 " plan and 2010 the proposal of distant view target " through, to state-owned company reform put forward new thinking, announce to execute " catch put greatly small " reform strategy.
Zhu Zuo ji was elected 1998 new a premier, the city that start changes construction, implement vigorous finance policy, the imports and exports of open foreign trade counterpoises independently, need inside stimulation, open estate market, form pull those who move economy " 3 drive carriage " .
State-owend enterprise reform, economy anabiosises, the prosperity that is the stock market laid a foundation. Stock market experienced nearly two years dish after rectifying, card inspect can be drafted at the beginning of 1999 " about farther standard and the ask for instructions of a certain number of policy that push security market development " , will receive the approval of the State Council on May 16, ignited market enthusiasm. On May 19, card put together points to on go up greatly 4.64% , clinch a deal the quantity breaks up time; Up to go up first half of the year exceed 65% , formed famous " 5.19 " prices.
Later, " negotiable securities law " carry out formally, " the announcement that distributes carry out stock to concern an issue about legal person " wait for multinomial policy to come on stage thick and fast, innovate again for later period market tall created a condition.
2007: Equity separates buy reform
2003, card inspect allows to meet a chairman when Shang Fulin puts forward " problem of buy of component of equity of existence of Chinese stock market " viewpoint, express clearly " equity component buy, appear on the market company share share is not current " great to market impact.
2004, " a certain number of opinions that the State Council develops about advancing capital market reforming and opening and stability " release formally, put forward clearly first " active and reliable solve equity to divide buy problem " .
2005, wen Jiabao of premier of the State Council allows to put forward to want in stock market respect when " reliable solve historical bequeath problem " . After a many month, equity divides buy reform to start.
This is fundamental reform when Chinese capital market has historic sense, the open up of historical long-standing abuse that exists to govern Chinese security market not only road, the development that also is prospective market provided system innovation space. Reform of equity component buy is in not only macroscopical on be helpful for perfecting the price to form a mechanism, stability anticipates, those who be capital market deepen reform and condition of market innovation creation, also be in microcosmic on conduce to build appear on the market truly company processing structure, restrict mechanism and appraise value system.
By 2006, "Bovine city " begin to quicken, nod high at creating the history of 6124 2007.
2014: Deepen reform in the round
By 2013, the Central Committee of Communist Party of China the 18th 3 in plenary meeting is held, research deepens the major problem of reform in the round, passed " the decision that the Central Committee of Communist Party of China reforms a certain number of major problems about be being deepened in the round " . Make clear in resolution, economic system reform is the key that deepens reform in the round, its core problem is the relation that how handles good government and market, in making the market is configured in resource, rise decisive action and produce governmental action better.
From this, deepen reform big act to pull open in the round, also was thought to deepen the first year of an era or the reign of an emperor of reform in the round 2014. 2014, " governmental working report " in mention " reform " amount to 77 times.
In September 2014, premier Li amounts to Wo Si in the summer put forward on forum " the people does poineering work, millions of people innovates " , with brief politics the reform that puts power releases larger space for market main body; 2015 " governmental working report " in put forward again " drive the masses to do poineering work, millions of people innovates " , implementation China economy carries qualitative synergism to upgrade.
2015, a greet bovine city again, rise inside the time that is less than half an year nearly 60% .
2019: Capital market is reformed
Since 2018, publish be born thick and fast about a series of policy of capital market. Economic job conference points out in the center of the end of the year, "Capital market moves in finance in have the effect that pull one hair and uses the whole body " , capital market position gets all-time promotion, important strategic sense is had in upgrading with economic transition in reform of financial supply side.
These policy are new compasses, on one hand focusing is built at fundamental system, those who had multinomial base system is perfect, repair. Retreat city regulation to edit for instance perfected great the main condition that violates to retreat city compulsively, farther perfect capital market function, for the market long-term and benign healthy progress laid a foundation; Counter-purchased new rule to optimize investor redound mechanism further, establish mechanism of perfect drive length effect, stimulative capital market stabilizes healthy progress for a long time.
On the other hand policy is " increment is reformed " model. In March 2019, division achieve board relevant system regulation is knocked calm, enter be born to carry out level. Division achieve board pilot register make, the link that send careful relatively advocate board hair careful is having substantially different. Hand in a responsible division to achieve board the emission of the stock appears on the market examine and verify, can responsible division achieves card inspect board the stock is issued register. This means card inspect to turn around influence of careful of hair of second transfer to a lower level, a register make reform be started formally.
In addition, card inspect can be released in succession " the foreign trader invests stockjobber government measure " " appear on the market company equity drive runs way " wait for relevant measure; Perfect system of QFII, RQFII; Shanghai deep harbor connects daily specified number to spend expand, Shanghai human relations is connected advance steadily; A bring into index of MSCI rising market formally; Rich when Luo Suxuan cloth A bring into system of index of stock of its whole world. As the reforming and opening of the market, foreign capital enters town quickly, in addition, annuity of social security fund, safe, enterprise will become the long-term financing source with main market.
Accordingly, capital market reform is quickened, long-term increment capital enters, for A walked along an ox to breed rich and generous soil continuously. More crucial is, the appraise value of field of current A stock market still is located in the history inferior level, have extremely strong appeal. These elements interweave together, formed new the external environment of city of round of ox. At present the likelihood is the start of bovine city.
A level of historical on the low side is located in before appraise be worthwhile
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The capital on north flows into A continuously
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C kind code: 006260
On April 22, will weigh pound head hair on May 17
