Han Zhiguo: Only a bull market is conducive to institutional innovation

The famous economist Han Zhiguo is an angular and truth-telling person who has become the object of media attention. In addition to his evaluation of the chairman of the Securities Regulatory Commission in the past media, this year has been frequently "appearing", first a few days after the Spring Festival, he "shelled" Liu Shuwei, an independent director of Gree Electric Appliances, and recently launched the "Investors Want to Talk to Chairman Yi" activity on Weibo. He himself has written dozens of articles in the past two months, directly attacking the "pain points" of the stock market and expressing many views on the long-term development of China's stock market. The market has responded strongly to this, and as of now, thousands of netizens have participated in the discussion.

Keep an eye on listed companies

Han Zhiguo said that at the press conference where he made his first public appearance, Chairman Yi Huiman clearly proposed that stock market supervision should be close to the market and listen to the opinions and suggestions of all parties in the market, so as to form a joint force in the entire market and jointly promote the process of marketization, standardization and internationalization of China's stock market. This is the most important rectification of the regulatory mechanism, and it is the objective process of market supervision returning to its nature, rationality and benignness.

Han Zhiguo believes that Chairman Yi Huiman's "administrative program" has outlined the general outline of the new stock market policy. If it is said that the "strict supervision, supervision according to law, and comprehensive supervision" mentioned by the chairman of the CSRC when he made his first public appearance belonged to other laws; then chairman Yi Huiman's first public appearance of "reverence for the market, reverence for the rule of law, reverence for the profession, and reverence for risk" belonged to self-discipline. Market supervision must have both other laws and self-discipline. Only when regulators first self-discipline and clearly define the regulatory bottom line and regulatory boundaries can market supervision embark on the right path without overstepping, absent and dislocating.

In Han Zhiguo's view, we must keep a close eye on listed companies. Financial truth is the foundation of the stock market, and financial fraud is a huge tumor in the stock market. Because the income obtained by listed companies through financial fraud is 100 times higher than that of drug trafficking, the game between financial fraud and anti-fraud in the stock market has never stopped.

"The delisting system without damages is to play tricks on the market and investors", Han Zhiguo believes that the delisting system is the basic premise of the survival of the fittest in the stock market, the expulsion of bad currency by good money, and the objective condition for the stock market to have strong vitality and endogenous power. A healthy stock market, one of the indispensable basic systems is the stock market delisting system; the stock market without the delisting system is not in line with the original intention of resource optimization and industrial upgrading, nor can it avoid the degradation of the quality of listed companies.

Han Zhiguo said that information disclosure cannot be regarded as a trick and child's play to play with the market and investors. Listed companies are the cornerstone of the stock market, and information disclosure is the foundation of an efficient market. An effective capital market must be a highly transparent and reliable market, so that investors can not only grasp the current information, but also understand the past information and predict the future information. The mandatory information disclosure system is the basic prerequisite for improving the efficiency of the capital market.

The stock market has to cross three mountains

In Han Zhiguo's view, the bull market resolves contradictions, and the bear market intensifies the contradictions; the bull market has a role in promoting the social economy, and the bear market has a blocking effect on the social economy. In the past 10 years, it is not only the process of China's economy jumping into the world's second largest economy, but also the process of the world's major stock markets out of the 10-year bull market.

The internal contradictions of China's stock market have accumulated for too long, and there is an urgent need for a bull market to resolve the contradictions and go to the light; the investment losses of Chinese investors are too much, and there is an urgent need for a bull market to turn losses into profits to rekindle confidence. Only the bull market is conducive to institutional innovation, and without the bull market atmosphere and bull market trend of the market, it is difficult for the registration system to land.

Han Zhiguo believes that China's stock market needs to cross three mountains. China's stock market needs a bull market, a healthy bull market, a round of institutional bull market, and a long-term bull market. From the national level, china to go from an economic power to an economic power, must rely on the stock market as an "engine" to optimize resource allocation, improve industrial quality, and promote scientific and technological innovation, so as to improve the core competitiveness of the country.

However, in Han Zhiguo's view, can the market rebound go to a reversal, what kind of transformation will occur in the regulatory mechanism, where is the biggest institutional drawback in the market, what kind of impact will the launch of the science and technology innovation board have on the existing market, and where should the basic system construction of the stock market start and advance in an orderly manner? These key and significant issues and challenges are of concern to investors and regulators alike, and the transformation of each aspect from variable to fixed will have a profound and far-reaching impact on the operation of the market.

From the market level, there are many contradictions in China's stock market, and the overall bull is short and bearish. Right now, there is a great need for a real bull market through change.

This article is from the Financial Investment Newspaper

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