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Office of the State to take measures to stabilize the stock market requires timely availability of financial business sector
30 inspirational stock worth looking forward to the New Deal
> promote economic development in a number of observations required to do full
States to take measures to stabilize the stock market for growth enterprises
timely introduction of item 30 of the nine, 30 measures include: to take effective measures to stabilize the stock market run, play resource allocation function. improve the SME board of the system, timely introduction of the GEM, and gradually improve the organic connection of multi-level capital market system. support qualified enterprises to use capital markets to carry out mergers and acquisitions of listed companies to promote industrial upgrading, industry consolidation and to reduce the approval procedures, improve market efficiency, and continuously improve corporate competitiveness. to promote the steady development of futures markets, and explore agricultural products and futures services, introduction of national economic development needs to adapt to steel, new varieties of rice and other commodities. expand the amount of bonds issued, and actively develop corporate bonds, corporate bonds, short-term financing bonds and medium-term notes and other debt financing instruments. actively encouraged to participate in national key construction projects of listed companies issuance of corporate bonds and convertible bonds. steady development of small and medium enterprises set bonds, short-term financing bills to carry out pilot projects for SMEs. promote the listed commercial banks into the exchange bond market pilot. of foreign institutions and enterprises in the issuance of RMB bonds, allowing more in the Mainland Hong Kong's multi-service companies or financial institutions to issue renminbi bonds in Hong Kong. improve the bond market rules and regulatory standards.
and steadily push forward the insurance companies to invest in shares of state-owned large-scale leading enterprises, in particular related to national energy strategy, resources, industry leading enterprise equity.
in ; Financial 30 by open market operations, suspended 3-year central bank bills, reduced by 1 year and 3 months the frequency of central bank bills issued. In addition, the market should play the role of interest rate decisions, increase economic self-regulation. enhance the loan interest rate to float downward flexibility, improve the discount interest rate formation mechanism, improve the central bank interest rate system.
in the policy, actively promoting mergers and acquisitions; proposed pilot in real estate investment trusts, carry out pilot projects revenue bonds, issued equity investment fund management approach, allowing the pilot inter-bank bond market development of SME loans, agriculture-related loans, the state key construction project loans as the underlying assets, credit risk management tools.
encouraging stock market finance the New Deal 30 to look forward to
12 13, that the views of the date signed on December 8, the central economic work meeting that day. can be seen, these nine aspects of 30 specific measures are already planned.
New varieties of commodity futures to market stability and healthy development. For the Central Economic Work Conference, to be evaluated outside of the media as . complete argument, but also guide our work next year, a total deployment.
CSRC Chairman Shang Fulin, learning to convey the spirit of the Central Economic Work Conference also pointed out that the situation of China's basic national conditions and the city of departure, according to financial innovation and market acceptability of the match, with the risk tolerance of investors and consistent with the principles of regulatory capacity to adapt, deal with innovation and regulation, the balance of safety and efficiency, promote market stability and healthy development, and continuously meet the real economy of capital market services reasonable demand.
but the market is looking forward to more of a practical stimulus specific. At present, the expected uncertainty due to concerns about economic development, and do not see hope in the introduction of specific policies to stabilize the market, weak market confidence in the re-volatile Shanghai Composite Index dropped to below 2000 points. We believe that the stock market's stability and prosperity for the expansion of domestic demand, the the majority of investors expect to achieve capital growth is an important fulcrum of one of the goals. We believe the central government to maintain stable and healthy development of capital markets, the relevant specific measures will be introduced.
if implemented in October 2007 from tight monetary policy, the market peaked is to reflect adverse changes in the macroeconomic situation, then, in November 2008 determined to implement the proactive fiscal and monetary policy accommodative, and with a series of investment plans to maintain growth,cheap UGG boots, and basically confirmed the market reach relative bottom. market in the bottom of the running time, is the accumulation of favorable policies fermentation, blooming period.
Currently, all ministries and local governments understand the economic situation has made a high degree of consistency and coherence have been taken in the positive measures. In this case, there is no beating the Chinese economy in the international financial crisis, not to hit the Chinese economy in the future.
Since the Chinese economy has maintained steady and rapid growth is expected to achieve the goal, then stock market fully to achieve healthy and stable development, adhere to the value, rational investors are also to share the fruit of economic growth.
30 three bright spots.
shows the importance of maintaining high stock market may be more stable, which, stressed the capital markets work in promoting the importance of economic development. At present, support the sustained and stable development of the macroeconomic fiscal and monetary policy has been gradually clear the urgent need for capital Policy. Overall, with the capital market consists of two levels: first, the need to run by stabilizing the capital market investor confidence, thereby bringing the whole community's confidence in the entire Chinese economy. Second is the need to give full play to the capital market through the resource allocation function of the national economy, to revitalize the domestic economy and the stock to driven capital assets in order to promote economic assets. Therefore, stabilize the stock market operation and serve as a resource allocation function play the role of promoting economic development of a series of important tasks. in the market level, the clear Also on the futures market. which, for the first time opened up in the State Department raised the level of the exchange market and the inter-bank market, concrete measures can be expected to integrate to form a unified national bond market has been just around the corner. in the market function, ; proposed the development of SMEs and SME collection of short bond coupons, will help ease the difficult problem of SME financing, benefit the whole community to better use of the bond market. More importantly, the resource allocation function of the market, put forward in support of guidance. difficulties with the capital market is conducive to the pace of the macro-control.
Finally, the of foreign institutions and enterprises in China to issue RMB bonds a good capital market development, the role of crisis; how to use the capital market crisis and to improve the degree of internationalization and international status, using the crisis bigger and stronger. 30 . At the same time, this series of policies, some focus on the economy, and some focus on the market, and some of the long-term benefit, and some short-term benefit of the policy for the overlay may be formed after the policy effects will require further observation.
serve as a resource allocation function.
; improve the SME board of the system, timely introduction of the GEM, and gradually improve the organic connection of multi-level capital market system. listed companies to promote industrial upgrading, industry consolidation and to reduce the approval procedures, improve market efficiency, and continuously improve corporate competitiveness mode of operation, as soon as possible to adapt to national economic development needs of the steel, new varieties of rice and other commodities; expand the amount of bonds issued, and actively develop corporate bonds, corporate bonds, short-term financing bonds and medium-term notes and other debt financing instruments.
To be honest, in 30 observations, there is still no reference to the number of new ideas. , A-share market is hot again in the local, the market is expected to have a positive orientation.
said the Commission had been said to himself, not in the high-level meeting or a file appears, this may be a real acceleration of the GEM as a positive signal, venture capital stocks will obviously become a hot market again.
the State Council, the New Deal to prevent money CPI negative growth
the growth rate of money supply as the 2009 target for next year's M2 broad money supply growth of 17%. Analysts believe that the opinion and had introduced a series of expansionary fiscal policy and monetary policy, will greatly alleviate the risk of deflation, to prevent significant negative growth in the CPI.
is generally believed that when an economy's CPI fell for two consecutive quarters, which entered the deflation. deducting seasonal adjustment factors, China's CPI has been 4 months, the chain fell, the chain decreases in November even up to 0.8%, close to the historical level of deflation. from around the world situation, deflation, in addition to the price decline, often accompanied by economic stagnation and decline in money supply. the price decline is a lagging indicator of .10 after two months, China's M2 growth rate has dropped 15.02% year on year. Although the index has not yet appeared signs of bottoming out, GDP growth remained high, but there have been in China before and after 2002, GDP growth and falling prices is a phenomenon that, in developing countries, economic growth can not completely avoid the possibility of deflation.
current on China's economy constitutes a major factor in the larger deflationary pressures are: international commodity prices sharply lower, making the pressure of imported deflation; sluggish external demand, will increase product supply relative surplus; bank credit crunch, will reduce the money multiplier to reduce the actual supply of money; enterprises to invest in care, tend to hold cash or debt; decline in consumer expectations, tend to hold out hh savings or if there is no strong policy stimulus These factors may result in deflation in the future become a reality.
last week's Central Economic Work Conference clearly, pressure. For example, the next two years, the 4 trillion yuan of investment and other measures, is expected to contain a large extent, steel, cement, building materials downward trend in product prices, boosting jobs and boosting consumer spending. The increase in next year's M2 target reduced open market operations, and will help to maintain adequate liquidity. In addition, the increased minimum grain purchase prices, stepped up the fuel tax reform, acquisition and other measures to increase cotton reserves, the price in the short term support level of a certain .
distance with all of these policy measures, which greatly reduces the future price of the possibility of negative growth. However, it should be noted that counter-cyclical macro-control measures, or you can iron out fluctuations in the magnitude of the economic cycle, to prevent Look, the incremental tax cuts fiscal policy and loose monetary policy is the most important means of combating deflation. At present our country in both areas there is still some room for maneuver. fiscal policy, due to increase government debt, the implementation of structural reduction taxes and other measures can be expected. monetary policy, continue to cut deposit and lending rates and deposit reserve rate possible. analysts believe that the pressure is greater than the current round of economic contraction in 1998, one-year deposit rate fall to 1.98% of the future The following cycle low.
is noteworthy that the State Office of comments highlighted the monetary and credit policy and industrial policy coordination, which will help increase the money multiplier effect, optimize credit structure, and thus effectively improve the effectiveness of policy implementation .
monetary policy promote economic development on the current number of financial advice, 10 days, the Chinese government website on the evening of 13 officially released the measures.
that was enacted in the December 8 for next year to determine the broad money supply growth of about 17%.
In addition, the
bond market will be supported by
money supply targets for the coming year. If the growth rate of broad money supply to consider the level of around 17%.
this regard, the Foreign Economic and Trade University, said Ding Zhijie, vice president of finance, overwhelmed expression means that the state on the implementation of appropriate monetary policy has a very firm resolve. outside of the cash plus corporate deposits, savings deposits and other deposits. it reflects the community's total demand money.
according to central bank data, along with the rapid decline in the macroeconomic, growth of broad money supply has been continuously 5 months declined .2008 October, broad money supply growth rate of only 15.02%, or even significantly lower than the set early to control inflation control target of 16%.
This means that the market has already the lack of liquidity in the awkward position. can check the information, the central bank efforts to fight inflation in 2007, China's broad money supply growth rate as high as 16.72%, and after 5 years of rapid economic development, China's average growth of broad money supply speed is also about the level of around 17%.
to 17% level, not only the real economy, stock market, bond market will also will receive substantial support.
interim government wary of inflationary?
of the State Council target for money supply given that the Government annual inflation target next year has been set at about 5% (ie 17% of the broad money supply minus 4%, minus 8% GDP growth rate of the bottom line).
this, one does not experts willing to be named yesterday, analysts pointed out that despite the current economy is facing a serious deflationary pressure, but the decision-making this may imply the government is actually worried about substantial improvements in the money supply may cause medium-term inflation.
obvious fact is that the central bank survey Secretary had said earlier this week, Zhang Tao, the future price of the situation facing great uncertainty, within the next 6-12 months may re-emergence of inflationary pressures.
2007 the Money supply target of 16% of the GDP growth targets, and given inflation target of 8%, respectively, and 3%.
opportunity for institutional change?
is worth noting that, in the the primary task, the State Department again referred to It is not difficult to understand. At present, China on many ordinary floating rate loans are still to determine the minimum level of 0.9. In the current economic situation, should the minimum lending rate to release the float, will largely reduce the pressure on business loan .
said Ding Zhijie, decision, the cost of serious distortions in the capital, and directly contributed to the hot or cold economic situation. development. And looking scale Quantitative high goals: to determine next year, an increase of 17%
broad money the State Council called for the strengthening of monetary policy, credit policy and industrial policy coordination
13 Kusakabe State Council issued the br> money supply target for annual growth of broad money supply about 17%.
17% revealing information
sustain economic growth, utilization of monetary policy, fiscal policy and other control methods to maintain stable economic growth; second is to maintain confidence and stability in the market. Regulatory Commission Chairman Liu 13, held in Beijing to attend, price index) and PPI (producer price index) fell sharply, indicating China's economy shifted from the inflationary trend is strengthening the possibility of deflation.
CPI 2 月份 to an increase of 8.7%, which is since 1996 the highest point, and then come down quickly to 11 months of 2.4%. PPI decline faster in September, the time in 2 months fell by 7.1 percentage points, estimated in December will continue to come down substantially.
the current situation, the state identified the appropriate monetary policy to increase market liquidity, maintain market prosperity. of 3 to 4 percentage points and about the growth rate of money supply as the 2009 target, then the State Council for 2009 GDP growth and inflation forecast of between 13 and 14 percentage points. increase in prices of 3% to 4%, that is the psychological state of the economy bottom line is 10%. and improve credit services to meet reasonable demand for funds. to strengthen the monetary policy, credit policy and industrial policy coordination; encourage banking institutions under the premise of risk control, better on the fundamentals, temporary business operations or financial difficulties provide credit support.
central bank governor Zhou Xiaochuan 13, taking part in stable development.
experts believe that the so-called counter-cyclical policy implications of the specific factors that should be taken when the economic downturn is expansionary monetary policy to achieve the smooth fluctuations in the economic cycle, the purpose of steady economic growth.
currency Policy changed from the previous tightening moderately easy, that is, the embodiment of such a counter-cyclical factors, and the State Council and the nine of the 30 measures is a specific embodiment.
Chongqing Vice Mayor Huang Qifan in the annual meeting called for businesses with cash flow difficulties, financial firms should not simply go to caused by an irrational structure of the enterprise, but a system of crisis is a crisis in the whole area.
low capacity to resist risks for SMEs the situation, the State Council put forward 30 to support SMEs development, encourage financial export credit agencies and other policies.
role. the proportion of foreign exchange payment, advance payment of general corporate foreign exchange increased from 10% to 25%, a smaller amount of single advance payment not included in the export of foreign exchange exposure management. adjust the amount of annual incidence deferred payment enterprise scale, from no more than business last year 10% of the amount of import payment increased to 25%. At the same time, will allow more qualified group of foreign enterprise in the implementation of centralized management of foreign exchange funds to improve capital efficiency. to support the development of renminbi business in Hong Kong, widen the yuan trade in the surrounding the pricing and settlement size, reduce exchange rate risks of foreign economic activity.
news of the market once again usher in will be announced soon aroused heated debate in the market, the introduction of such a major positive boost the stock market opened higher on Monday, it seems a foregone conclusion, but the careful introduction of the views of investors found that the date is actually December 8 (the last Monday ). Some investors believe that the message has long been an internal leak in the high-level, agencies take the opportunity to have been ambushed in the market, opportunity can be shipped only rose on Monday, so the positive market has already digested in the last week, on Monday the market will not be greatly affected.
Lida Xiao Ying Tai Securities Research Institute believes that the way to the State Council promulgated an administrative order to benefit the macroeconomic, stock market, real estate market and the export enterprises of good, to prevent the economy from slowing down too quickly to the active role, is conducive to stock market stability, to improve the market confidence is very helpful, is material to good policy.
However, Lida Xiao said that the policy will take some time to convey the total, the stock market's performance from last week Look, it is difficult to see a body under the influence of the positive signs of the layout in advance, so good will be further digested in the market this week will continue the current round of stock market rally.
good short-term impact of industry segment
: iron and steel, agriculture, real estate, machinery, shipbuilding, food, trust, brokerage, insurance, foreign trade, automobile and other
bad: banking, oil, nonferrous metals stocks
good short-term impact: venture capital, equity participation futures, in the small-cap stocks, asset restructuring, aerospace industry, environmental protection
bad: Resources, shares of the concept, the size of non-lifting of the ban on macroeconomic
: effect of expansion of money supply unpredictable
: ample liquidity to keep the banking system, promote the steady growth of monetary credit. According to the economic and social development needs and create appropriate monetary credit conditions, higher than the GDP growth and inflation and about 3% to 4% growth rate as the currency in 2009 total supply target for annual growth of broad money supply about 17%. closely monitor changes in flow volume and distribution of appropriate open market operations, reduced, suspended 3-year central bank bills, lower 1-year and 3 the frequency of central bank bills issued on. According to timely and appropriate domestic and international situations to adjust monetary policy operation.
read: money supply, macro-economic aspects of the relationship, opinion under this section can be roughly estimated that next year China's economic growth target of GDP maintained at about 8%, CPI rose 4% to 5%. Lida Xiao said that money supply growth of 17% or more can achieve the expected present difficult to predict.
are involved, but the lack of quantitative indicators, need to wait for further refinement of industry policy, economic indicators should be developed with certain forward-looking, Lida Xiao believe that next year China's GDP is still great hope of preserving eight, the probability of deflation, the situation appears to reduce.
on the property market: the big developers will not fail
regulations and requirements to make the appropriate adjustments.
affordable housing construction and the shantytowns of the credit support.
and related financial product innovation. to carry out the pilot project revenue bonds.
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