Category: Money Tips Date: 2006-05-16
Source: Hangzhou New Hope
This in turn would let them go to a professional topic, did not intend to seriously, but taking into account the inside, I think it relates to China's stock market a few substantive issues, so when faced with the choice, I still want to choose a sub-sense of responsibility, after all, 80 million stocks were able to sincerely ask you out "teacher", the given face is great.
Closer to home, has recently created a hubbub Fund "rat trading" incident, the media today, the afternoon began to have released in stages starting the attitude of the parties concerned, the SFC officials of the Ministry Fund, said he "never let seven years ago, the fund shady again", in the face of China's financial community trust responsibility of the credit crisis, the above such as to say so, presumably the meaning is very clear, as the 3000 points, below Pumian "bubble" argument, like, later on this matter of "war of words" can be blocked.
This shows what kind of problem, it is clear that the management of the fund industry's development now is quite care, that is, in dealing with the "normative" and "development" issues, our management team chose the "development . " In other countries, "normative" and "development" is a contradiction between a pair of complementary relations, specification development, and the development of norms, it is no dispute, but the Chinese do not like this, but in fact in our country, including the macro-control in the Within each time increase the handling of violations will result in total collapse of the economy, so expect a soft landing in a bubble, which is in the economic circles to talk about that is as fierce as: "a place on the chaos, one on the dead" phenomenon, because such things in the country is not an accident but a necessity, so each market, the management has always felt hesitant to proceed, get to the bottom edge of reason here, probably with the "emerging and transitional" and "Chinese characteristics" of these four words have great relationships, it summed up the lessons of history, the management had to make such a "stop-gap nature of" choice.
This then has caused the stock market managers in many markets, including absence of a serious problem, and regardless of the pipe should not pipe can not no matter. Take stock market is concerned, regulators have no other task is to monitor the obligation; but in the country can not be the case. China's stock market because it listed the main state-owned enterprises or state-holding enterprises, so here there is a side called "SASAC" role, the President, who is also "athlete" and "referee" dual identity, while the Behind the backing of the "National People's Congress," he said, to protect preserve and increase the value of state-owned assets, it is the party responsible for the interests of the people responsible for the country, of course, in today's funds, also be regarded as the state-owned nature, if not then be regarded as "collective ", therefore, securities regulation would make life very difficult.
In the U.S., the SFC is a constitutional right to law enforcement, so a problem stock market, the SFC can be summoned at any time any person or it is the President can not interfere, and they adopt a "defense burden of proof" regulatory form, coupled to impose heavy penalty, the U.S. stock market is that no one dares to diverge as we are today all over the sky of false news, arbitrary Zuozhuang stock manipulation, so do the consequences will be life imprisonment and ruin.
Of course, the U.S. stock market is not state-owned enterprises, and across the United States State Post Bureau only one state-owned enterprises, while others even if it is the "generic" can be like a year more than half of GDP, manufacturing enterprise groups in China, but also people holding, the owner is ownership of the company's shares to all the people, operating a "managerial system", so the United States, people are basically holding these assets, which is what the community is ---- a socialist society, the real socialist social system.
And China's Securities Regulatory Commission is responsible for what now?
Not to control, but the manufacture of artificial bull market to help countries in the economic ownership reforms. That understand the point is to create a good market to ensure that state-owned enterprises listed on the fastest, but definitely better than this environment, the market will easily lead to bad companies listed below issue price (in other mature markets is common), so that the loss of state assets is necessary, and this is a political offense in the country no one can afford, so the manufacture of a bull market and create some bubbles, to achieve this goal is the promotion of the role.
Here someone may ask, why our state-owned enterprises should be listed on doing such a hurry to ask questions, we should allow the state-owned enterprises and private enterprises to compete, and then to reach the winning state is not inferior to a very good way? With a strong background and special financial support for state-owned enterprises do, but if it is private enterprise, then slowly in the competition by private eaten out was not very good acquisition is very much in line with each of the market, "a fair and just open" the principle of do Sangong ?
Yes, it was a very good idea, but that time will be very long. Our key problem is that we are not careful organization to join WTO.
We talked for more than 10 years hard marathon negotiations, a WTO member countries, all thought it was "more good than harm" For example, did not expect that our major import and export trading partner, the United States, the European Union, Japan, unanimously, do not give us the full tax concessions, and why? Because they said: "China is not a market economy country" and what does the market economy country, in which a primary criterion is that competition in the international market economy can not be the main state-owned enterprises, while exactly the opposite. Therefore, we only state-owned enterprises listed on such a hurry to be restructured, otherwise, we join the WTO, others to give us the tariffs create barriers to trade, we accidentally lock on their "one-sided Favored Nation" status.
Therefore, we the SFC's top priority is not how the monitoring of how to safeguard the interests of shareholders, but to create a favorable market environment for restructuring of state-owned enterprises are listed, together with the SASAC to ensure that privatization of state-owned assets are privatized in the process of to ensure no loss of state-owned assets do not depreciate ... ....
For the sake of this great purpose, we absence of market supervision, and do indeed appear to stand in a "big picture" of the strategy, but did not stand in "historic" strategy, all everything is short-sighted behavior of , regardless of the virtual economy or economy, we are worrying.
We learned when the fur market economy, people did not learn the essence of market economy, the core essence of "perfect trust responsibility," he spirit of the rule of law can not be trampled upon any person, but regardless of the economic level examination questions or virtual economy level, we, after a careful look at layers, and finally found all the surprise of the original at all ... .... No wonder Shiliu Tai, the Prime Minister of the government report is so bitterly, had pointed out that "China's economic development is not sustainable The. "
