In recent days, the three most important ministries, the central bank, the China Securities Regulatory Commission, and the head of the Ministry of Finance have made positive statements. The governor of the central bank, Yi Gang, said, "China has considerable room for monetary policy tools." Chairman Liu Shiyu said: "Continuously promote the deepening reform of the capital market, fully open, mature, and launch one"; Minister of Finance Liu Kun said, "The Ministry of Finance is studying a larger tax cut and more obvious measures to reduce costs." .
The author believes that the positions of the heads of the three ministries and commissions are closely related, reflecting the continuity of policies and the coordination of supervision. The sound monetary policy and positive fiscal policy are the driving force for the continuous deepening of the reform and development of the capital market. The relationship is complementary, so the intensive voices of these important ministries have released positive signals to stabilize market expectations.
In recent days, from the macro level to the micro level, the good news of the capital market has continued.
At the macro level, economic growth is stable and liquidity continues to be released. On the 8th, the Minister of Finance, Liu Kun, said that while fully implementing the tax reduction and fee reduction policies that have been introduced, it is also necessary to study more large-scale tax reductions and more obvious measures to reduce costs, so that enterprises can be lightly loaded and let go. On the 14th, the central bank governor Yi Gang said at the G30 International Banking Seminar in 2018 that China still has considerable room for monetary policy tools, including interest rates, reserve ratios and monetary conditions, and proposed that China’s current economic growth Stable, it is expected to achieve the 6.5% target this year. On the 15th, the fourth downgrade of the year was officially launched, which will bring 750 billion yuan of new funds to the market. The above statement not only clarified that the economic growth is stable and the trend is unchanged, but also indicates that the liquidity is sufficient.
At the same time, on the 14th, the chairman of the China Securities Regulatory Commission, Liu Shiyu, held an investor forum in Beijing to discuss with some private equity fund representatives and individual investors, and discussed some specific reform measures. It is understood that reform measures related to the capital market are actively brewing. This meeting is conducive to boosting market confidence and stabilizing market sentiment.
From a micro perspective, both the SFC and the local government are proactive in resolving liquidity risks. On October 12, the supervision department of the listed company of the China Securities Regulatory Commission issued the "Problems and Answers on the Issue of Collecting Funds for the Issuance of Shares by Listed Companies", and the matching funds can be used to supplement the liquidity of listed companies and underlying assets, and repay debts. A certain proportion of restrictions; recently, Shenzhen set up a special working group, arranged tens of billions of funds, starting from the two aspects of debt and equity, building a risk-sharing mechanism, responsible for coordinating and coordinating the stock pledge risks of the controlling shareholders of listed companies, improving the flow of listed companies Sex.
The author believes that the current A-shares are already at the bottom of the valuation, and multiple departments have formed clear expectations and favorable policy foundations at the macro and micro levels, which is conducive to stabilizing the market and boosting confidence.
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