One, expand open to the outside world the progress of pair of Chinese capital markets will produce great and positive effect
Chinese capital market must be reformed further with innovation, should from drive Chinese economy progress, compose effectively to build own innovation economic system and the height that achieve goal of two hundred years strategy for the service to plan.
The strategic target that Chinese capital market grows is: Should build for just, transparent, efficient market, make important contribution for the effective configuration of Chinese economy resource; Become more open the market with international competition ability, develop in international banking system due action. Continue to enlarge capital market dimensions, adjust capital market structure, issue trade commercialize, standardization, law is changed, internationalization.
Chinese capital market must farther internationalization, ability gets used to the need of financial globalization, ability makes Chinese capital market makes the one part with international indispensable money market, ability makes China has been hit from capital turn capital into powerful nation.
We adopt a series of measure to expand open.
1, continue to develop QFII and QDII, the dimensions that enlarges gold of condition foreign capital to enter Chinese market and China invest dimensions external
2, development Shanghai harbor is connected, deep harbor is connected, allow course of study of condition foreign enterprise to arrive churchyard financing.
3, the limitation that unlocks pair of foreign capital equity stage by stage.
To fulfil the 19 relevant deploy that open to the outside world about expanding further, decide will individual or direct or investor of many foreign countries is indirect in the center of the investment scale limitation that invests firm of negotiable securities, fund management, futures relaxes to 51% , after afore-mentioned measure carry out 3 years, investment scale is unlimited; In will cancelling to be opposite endowment bank and the foreign capital that financial capital runs a company are onefold hold do not exceed 20% , aggregate hold do not exceed 25% hold a scale to restrict, the banking equity with executive consistent inside and outside invests scale regulation. After 3 years will individual or the investment scale of the insurance company that investment of investor of many foreign countries creates business of management person insurance relaxes to 51% , scale of the investment after 5 years is unlimited. After 3 years will individual or the investment scale of the insurance company that investment of investor of many foreign countries creates business of management person insurance relaxes to 51% , scale of the investment after 5 years is unlimited. This is the expression of self-confidence of Chinese capital market, be sure to promote Chinese capital market farther internationalization, in blending in Chinese capital market system of international capital market.
4, encourage conditional enterprise to be issued to the market outside the condition with appear on the market
5, encourage an enterprise to participate in international enterprise to recombine with buy, buy strategical company of enterprise or resource sex enterprise, new and high technology.
6, begin professional work of futures of international of oil, iron ore. Use RMB close an account, attract international investment to enter. Break dollar monopoly position, raise China in the world the price of heavy goods counterpoises, accelerate RMB internationalization pace to have very important sense.
7, join MSCI index to be able to promote Chinese capital market farther internationalization.
Above all, joining MSCI is A a way that moves toward international. MSCI index backside has passivity of many ETF index fund to dog: 1) client of orgnaization of MSCI whole world makes an appointment with 7500, include fund of large provide for the aged, to pouring fund, asset runs a company, investment bank, the commercial bank. 2) estimate according to MSCI, in North America and Asia, the asset of capital stock of orgnaization sex international of more than 90% is mark with MSCI index. 3) at present the asset dimensions with what MSCI index is mark exceeds the whole world 9 trillion dollar, add up to the fund that has 1.5 trillion dollar is with index of MSCI rising market fiducial. According to Peng Bo, dog directly at present the index of MSCI China index and fair collect fund have 49, dimensions is aggregate more than 14 billion dollar. Although at present capital is measured for, to current A for system capacity, not be very big, but the impact in mood and market confidence level is very big. And, as the development of field of A stock market, maturity will rise ceaselessly, the afflux of international capital also is met year after year increases.
Next, a bringing into MSCI is A the milepost that enters internationalization. In A introduce Shanghai, deep after connecting, MSCI brings into A the meaning depends on making A the market that makes global orgnaization investor must study. Although initial stage brings into the amount of mark not much, initiative bring into scale not tall, short-term fund flows into dimensions not big also, but short-term produce openly effect possibly to the market, mainer effect will be in long-term. From will for a long time look, overseas investor is right A participate in degree of can farther promotion, to A acknowledge is spent and enclothe degree rise, the trend hopeful that market orgnaization changes is quickened, a progressively reason changes investment color, move toward gradually in mechanism and system admiral perfect. China regards the whole world as system of the 2nd old economy, a corresponding position will make its rise ceaselessly in MSCI weight, MSCI also will drive capital of more and abroad active configuration to pass Shanghai deep enter A. A investor structure, concept and market mechanism will be farther internationalization, whole A situation of appraise value system will reframe. A investor needs more have international view, have the whole world competition ability and rare the price of appraise value excessive of the preeminent company that is short of a gender will be highlighted further. International capital meets more entering Chinese market, to enlarging market dimensions, chinese capital market blends in international capital market to having enormous sense.
Chinese capital market extends the advantage that open to the outside world and sense is, can enlarge dimensions of Chinese capital market, the capital outside drawing more country enters Chinese market, force Chinese capital market is mixed appear on the market the company strengthens legal person to administer a structure to build, farther standardization, law influences market of stimulative China capital, commercialize and internationalization, make Chinese capital market blends in system of international capital market stage by stage, become international capital market to aircrew becomes a part. Also can add the investment opportunity of domestic investor and channel. Increase RMB internationalization pace.
China ought to become capital to export a nation stage by stage with the country from capital benefit, ability makes he becomes capital powerful nation to become economic powerful nation then.
2, must be on guard expand open to the outside world brought financial venture
"19 big " the report is right be on guard of financial venture stating is: Perfect finance superintends a system, guard the bottom line that does not produce systematization banking venture.
Finance is reformed and innovate, can bring active, prosperity of finance already, promote the development of hypostatic economy, bring new bigger venture possibly again.
The characteristic of modern banking is financial dimensions is changed, manage integratedly change and the network is managed change, this and past are different. Financial system is more and more complex, the possibility that produces a risk also is very big, the possibility that produces systematization risk especially is very large.
We call the financial risk that produces now modern banking venture, modern banking venture is opposite of at traditional risk character, traditional banking venture basically is bank risk honors the agreement namely risk, namely credit risk. " Basel agreement 1 " " Basel agreement 2 " say bank venture completely, it is credit risk mainly among them, arrive all the time " Basel agreement 3 " just begin to explain market risk.
(one) must note pair of market risks be on guard. Modern banking venture is a center with capital market, currency market, basically be the market trades risk, namely negotiable securities trades a few risks of generation. This risk and traditional credit risk are different. This kind trades to often do not know to trade who is adversary, so this kind trades the risk is very big, especially capital negotiable securities is changed bring very big risk. Crisis of American happening banking is main 2008 because be a kind of L/C certificate CDS that can trade excessive trade those who cause.
(2) prevent risk of international money market to infect. Risk of international money market is very rapid, in capital market open requirement falls, market of each country capital maintains independence very hard, money market occurrence crisis can affect one country his country. International fries a meeting to lend one country the opportunity make trouble that money market opens, control his country even capital. The trade war that we must see the United States is initiated is long-term, upgrade likely for monetary battle, banking battle, capital battle.
(3) the happening that we want to prevent 3 kinds of phenomena and incident: The first be " black swan " incident, "Black swan " incident is individual risk, the market appeared an extreme incident, "Black swan " appeared; The 2nd be " grey rhinoceros " phenomenon, namely the omen of systematization risk, "Grey rhinoceros " incident is not specific event, extremely likely large area appears, occurrence systematization risk; The 3rd it is alleged " Ming Siji hour " ① , "Ming Siji hour " it is financial venture accumulate certain level crisis to be able to be in some day erupts suddenly, this is " Ming Siji hour " . On the history so called " Ming Siji hour " it is very much, the most typical is on October 29, 1929, the share of new York bourse drops suddenly, this drops brought about capitalist world to erupt to came 1929 the financial crisis 1933. The event that produced on October 29, 1929 is " Ming Siji hour " . 2007 to during 2008 the United States second the financial crisis that borrows the crisis to cause,
We say this crisis is by " two brother, two belles " cause, "Two brother " those who say is Lei Man brother goes bankrupt, the government gives aid to without the choice they; Next " two belles " room ground beauty and Fang Limei also went bankrupt, this is so called happened 2008 " two brother, two belles " incident, this incident also appeared " Ming Siji hour " .
Has been China had " Ming Siji hour " ? China has many times, compare from the point of the stock market apparent is on October 16, 2007. That day can be called " Ming Siji hour " , chinese stock market from 2007 2000 bits of the beginning of the year columnar type ground goes up to October 16 6124 a little bit, it is columnar next type ground returns 2000 a little bit the following. October 16, 2007 is alleged " Ming Siji hour " . Appeared again 2015 " Ming Siji hour " , at the beginning of 2015, the stock market still is less than 3000 a little bit, later mad go up, go up 200 a little bit almost everyday, to June 16 as a result Chinese stock market achieves 5178 a little bit, drop all the way later, drop again the following. On June 16, 2015 also it may be said is " Ming Siji hour " . We capital market risk must take seriously and strengthen research especially to financial venture, prevent " black swan " incident and " grey rhinoceros " the happening of incident, avoid to appear as far as possible " Ming Siji hour " .
3, must strengthen pair of money market especially of capital market superintend
Strengthen finance to superintend, strengthening pair of capital markets to superintend especially is completely necessary.
(one) severity penalizes inside trades, negotiable securities is con, operate the behavior such as the market. Only blow trades illegally, inside trades, negotiable securities just can protect investor truly false, the fairness that just can maintain the market, justice and open. The inside in Chinese capital market trades now, negotiable securities is con, operate market negotiable securities is con etc the problem is very serious. A star of movie and TV buys the company of 3 billion with 60 million capital unexpectedly, go buying a company with the lever of 50 times, close to " empty-handed covers white wolf " , must father add superintend with punishment. Star of this movie and TV got punish, not only by amerce, and prohibit 5 years the market. To operating the market, inside trades wait for behavior to must be punished severely, card inspect can trade to Xu Xiang inside case undertake case is punished supporting, punish do not have 11 billion yuan, it is very necessary. First-order Duan Baoneng buys 10 thousand divisions before, also belong to violate compasses buy, also be necessary by punishment.
(2) current, venture of banking of our country network and asset management venture are more outstanding. The Central Bank gave many policy recently, include to be borrowed to cash, campus borrows the problem that waits for network finance to appear to undertake rectifying and reform. Should notice asset runs a risk now, the risk with asset the biggest government is " rigid cash " . Our country had published asset to manage temporary measure management and normative asset to run the market.
(3) continue to strengthen law and appear on the market company system construction, prevent to enlarge the concussion that opens pair of capital markets. Should prevent important finance orgnaization to be accused by abroad, prevent short-term sth used to one's own advantage disturbed China money market. Opener should strengthen more superintend. Unlock on policy, on legal laws and regulations from severe. Want formulate it is good, good to carry out system of negative detailed list.
(4) strengthen finance to superintend must reform finance to superintend a system further. China is minute of industry superintendency pattern in time quite. Namely Chinese finance superintends an orgnaization is " a 3 meetings " (inspect of meeting, card meets Chinese people bank, silver-colored inspect and protect inspect to meet) , existence superintends a benefit, superintendency jackknife and superintendency vacuum problem. We put forward to consolidate management centrally, build the modern banking that suits Chinese characteristic to superintend frame, this is our fixed target.
Superintend to be united centrally, had established finance of the State Council to stabilize development committee, harmonious " a 3 meetings " undertake superintendency. Undertook farther reform again 2018, will silver-colored inspect is met and protect inspect assemble and, establish the silver-colored meeting that keep watch, card inspect still can be withheld. Form " one appoint a two meetings " mode. This kind of superintendency system added finance to superintend unified and harmonious sex, added central bank ability of macroscopical adjusting control, the independence that still maintained card inspect to be able to be superintended to capital market and authority.
Of the dimensions of progressively and perfect, market that we believe to as law code and inspect body are fastened expand and of efficiency rise, of international competition ability increase, main effect is produced in the course that Chinese capital market will build harmonious society in future. Accompany Chinese economy at the same time grow, also have development the capital market of international competition ability into, due effect is produced in international banking system.
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Hour of ① Ming Siji (Minsky Moment) is to point to American economist sea graceful · Ming Siji (the hour that Hyman Minsky) place describes, namely the hour that asset value breaks down. Ming Siji viewpoint basically is economy long period stability may bring about debt to increase, lever rate rises, cause from interior then erupt financial crisis and be immersed in endless go lever turns periodic venture. When economy is good, investor apt assumes more risk, as economy to good time ceaseless elapse, standard of investor susceptive risk is older, until more than income and expenses is lopsided nod and break down. This kind of congenial asset is made put borrow a person to reclaim as soon as possible the money that lends. "Resemble guiding asset value to break down hour " .
