Promoting Multi-Level Capital Market Development

　 At the fifteenth China Capital Market Forum on the 8 th, many experts attending the meeting believed that we should strengthen the construction of the capital market system and vigorously promote multi-level. capital market To promote industrial innovation and economic transformation in China.

Some experts believe that the use of the dynamic differential deposit reserve ratio, an innovative financial tool, will bring uncertainty to the market.

Vigorously strengthen the capital market system construction

Hu Zuliu, founder and chairman of Chunhua capital group, believes that we should continue to improve the soft environment, including laws and policies, vigorously develop the capital market, especially the growth enterprise market, and enhance the value chain and international competitiveness.

Hu Zuliu believes that there are still many deficiencies in China's capital market. The rules of securities issuance are not suited to China's economic development mode. The issuance of bonds is still subject to administrative examination and approval system, the examination and approval procedures are too complicated and cumbersome, the financing ratio is low, and financing is unbalanced. The launch of the gem has created a very good condition and environment for the financing of small and medium-sized enterprises, especially high-tech enterprises. However, the transparency, liquidity, corporate governance and investment protection of GEM companies need further improvement. We should encourage the development of VC and PE to support the growth enterprise market, and vigorously develop the high-yield bond market and the M & a market.

Cao Fengqi, director of the finance and securities research center of Peking University, said that in 2011, we should do a good job in building the stock market, including the issuing system, trading system, corporate governance and regulatory issues.

Shi Guangyao, director of the market value management research center of Chinese listed companies, believes that in 2011 China capital market There will be a new look in the structure. First, the market structure is expected to be further optimized, and the multi-level market will become more stereoscopic. Two, the company structure is expected to further improve, and more and more new generation enterprises will be listed, which will change the age structure, industrial format structure, technological level structure and business mode structure of Chinese listed companies. Three, with the listing of more and more private enterprises, the proportion of state-owned holding listed companies, including central enterprises and local state-owned enterprises, will further decline in the A share market; four, the relatively balanced traditional regional structure will be further broken.

　　 currency Policy changes affect the market

In response to the policy environment facing the capital market in 2011, Wang Qing, chief economist of Greater China in Morgan Stanley, said that the major change in 2011 was the dynamic differential deposit reserve ratio, the use of innovative financial instruments. He pointed out that under the framework of macro prudential supervision in 2011, this tool will play a leading role and is likely to have the same effect as credit control at the macro level. Moreover, this new change will bring more uncertainty to the market.

Jiao Jinpu, director of the Postgraduate Department of the people's Bank of China, said that the main task of the macro-economy in 2011 was to restore the total amount of money and credit supply to normal, and to maintain a reasonable and moderate growth in total loans, supporting the steady and healthy development of the economy and preventing systemic risks.

Jiao Jinpu said that at present, the two major factors affecting the supply of monetary aggregates remain high. Moreover, China's stock of money has been quite large at present. It is estimated that by the end of 2010, M2 will probably exceed 72 trillion, an increase of about 80% over the previous three years.

He pointed out that the relevant departments will promote prudent monetary policy, and continue to optimize the credit structure, and guide commercial banks to support credit in key areas and weak links. In addition, the differential deposit reserve should be dynamically paid for considering the systemic importance of financial institutions, that is, in the banking system, a system with great influence on macro control and systemic risk.