Of the 10 "to save the main city of" Who Let the stock market back to life?

Abstract: Although the Government has unilaterally introduced a collection of stamp duty on transactions, the Exchange's market to buy three shares, holdings of major shareholders, such as "rescue" policy, but sporadic clear that the policy can not achieve tangible results, it can not change the market Downward trend. China's stock market has already missed the best "rescue" the opportunity to present to investors is expected to stability, confidence in the remodeling market, it is to improve the market mechanism to build a fair market environment. Perhaps a number of measures together add up to the market Weiwen. We No.1 retail No.2 major shareholders of listed companies No.3 Development and Reform Commission SASAC No.4 No.5 insurance No.6 fund No.7 People's Bank of China No.8 Ministry of Finance No.9 China Securities Regulatory Commission No.10 of the new government of the United States The State Council launched the 10 measures to stimulate domestic demand, the 4 trillion investment plan to boost the next, A-share market continued to appear strong up trend from November 10-17, the SSE Composite Index reached a 16.2% increase in turnover Also significantly enlarged. At the same time, the pick-up in market sentiment began to build up the market, A shares surged more than 50 accounts last week to 260,000, a record since the September 22 high. However, the next 2 trading days, there have been a big market shocks. A rebound in the stock market is closed, or in the amount of savings can be prepared to continue upward climb? The stock market alone 4,000,000,000,000 yuan of government investment will be able to "revive" or more "rescue" measures to regain an upward trend? SSE Composite Index since this round of the bull run at a maximum of 6124, down by as much as 70% of the wealth of investors there have been equal to the degree of shrinkage. That the market, which dealt a blow to investors, the prospects for economic development and stability of the market is expected to run well, on the other hand, wealth has seriously affected the consumption level of investment, spurring domestic demand will have a greater negative impact. The market continued to fall, also has a serious impact on the stock market's basic functions, resulting in the listed companies in particular, the central rate of decline in competitiveness. Although the Government has unilaterally introduced a collection of stamp duty on transactions, the Exchange's market to buy three shares, holdings of major shareholders, such as "rescue" policy, but sporadic clear that the policy can not achieve tangible results, it can not change the downward market trend . China's stock market has already missed the best "rescue" the opportunity to present to investors is expected to stability, confidence in the remodeling market, it is to improve the market mechanism to build a fair market environment. Perhaps a number of measures together add up to make a stable market situation. Perhaps the market really can not put out, but to reduce market volatility, market participants can still be an effort. We No.1 retail In addition to the major shareholders own the company found value, whether individual investors have the ability to save the stock market point out, too? At present, the fund management of the public offering of stock market value of only 1.9 trillion yuan, the average position is 67% self-employed broker of the stock market value is more than 130 million shares held by the insurance company is the market value of more than 60 billion yuan. 4,500,000,000,000 yuan in the market value of the shares in circulation, accounting for one third of the agencies, however. "What is the basis for China to rescue the stock market?, They must depend on ourselves, we have to rely on public shareholders, there are about 3,000,000,000,000 yuan of individual investors rely on to carry the market value." Wan Ho, a senior stock market commentator men and financial management in Shanghai Expo, said a speech. Data show that there are now 120,000,000 shares of the accounts, of which 20,000,000 are dormant accounts, a total of 100,000,000 accounts, about 5,000 million people. Because of a personal general in Shanghai and Shenzhen have 2 accounts. These investors accounted for about one-tenth of the urban population, 50,000,000 of shareholders carrying about 3 trillion yuan of market value, everyone is 60,000 yuan, the A-share market is not huge. He said Wan M, really want to save is not so difficult, the state can come up with 4,000,000,000,000 yuan to rescue the economy and the stock market not so much money. If you want to SSE Composite Index on the 2350, is the last time the three policy points out, there is a little less than 20% of the room, probably to 800,000,000,000 yuan of funds, if the agency removed 200,000,000,000 yuan, Investors need to 600,000,000,000 yuan, which is very small, 5,000 people a million people more than 10,000 yuan of the money up, and then there are 20 trillion yuan savings deposits, which take 20,000,000,000,000 yuan Wuliuqianyi Yuan is a very small proportion. If you really want to save, then the stock market is up a save, the funds from the surface pressure is not very heavy. Retail investors can really afford to save it? Perhaps the biggest problem is not money, confidence is the most important. No.2 major shareholders of listed companies Whether fiscal policy or monetary policy, or the Securities and Futures Commission, China Insurance Regulatory Commission, through the role of market environment, as market participants, the majority shareholder of the words and the role of the market is very direct. The stock market decline, major shareholders did not idle. As China Construction Bank (601939) one of the major shareholders, Bank of America recently announced that it will be in the proportion of shareholding from 10.75 percent to 19.1 percent, the deal also took place in the United States, many lending institutions is an urgent need to obtain funds on the occasion. This shows that it is slowing China's economy is still confident. Bank of America was among the first to obtain the Ministry of Finance's equity investment one of the nation's largest bank, Bank of America shareholders now also includes the United States Government. Bank of America said he believes that they have sufficient funds to maintain the investment in China Construction Bank will give Bank of America and its shareholders long-term strategic interests of the Bank of America Bank will continue to serve as an important long-term and strategic investors. The territory has long been the major shareholder of the action. Holdings of major shareholders of action as early as this year started on September. September 18, the State Council, the SASAC and Huijin Company were issued to support the central business holdings or buy back the shares of listed companies, MoneyGram's stock holdings of listed banks and other measures. Subsequently, the Chinese oil group holdings of 6,000 shares of listed companies, funds over 700,000,000 yuan. Immediately after that, Huijin Company and the Industrial and Commercial Bank of (601,398), China Construction Bank and Bank of China (601,988) of all holdings of 200 million shares, and will be made in the next year to continue to overweight. China Unicom (600050) also increased holdings of 5,000 shares of listed companies. At present, the majority shareholder of the holdings of freedom from acts of a few central and local enterprises to expand state-owned and private enterprises, but also the breadth and intensity of the holdings are increasing, the proportion overweight increased. At the same time, listed companies in addition to its own shareholders, for the integration of the industry and the manufacturing infrastructure, strong corporate holdings of shares in other companies also began to emerge. Most of the major shareholders for some of the holdings of the shares would have made it clear that "voluntary Suocang." According to statistics, on August 30, the Shanghai and Shenzhen stock markets had 150 listed companies issued a notice holdings, a total number of holdings of shares of up to 750,000,000 shares. These holdings listed company plans to cap funds (excluding holdings have been) up to 52,420,000,000 yuan. A round of experience in the stock plummeted after the holdings of major shareholders have become the norm. In general, the major shareholder of its holdings of shares of the company's future prospects holdings to the stability of the market on the one hand, on the other hand, is to lift the ban at the current size of the non-peak periods to enhance investor confidence. After more than a year fell sharply, A-share listed company's share price in most of the bubbles have been squeezed out. Statistics show that the two cities fell below the company's net assets of more than 100. A stock price already has some attractive long-term. Self-help are also major shareholders holdings of listed companies shows that the value of industrial capital has been the recognition was a sharp fall of stock prices began to attract industrial capital into the market, in the long term, the equity value of listed companies is bound to be felt. No.3 Development and Reform Commission Each end of the year, the speculation will always be subject to levy fuel tax. This year will be the introduction of it really? National Development and Reform Commission Han Wenke, director of the Energy Research Institute revealed that the Chinese government will begin levying fuel surcharges. "21st Century Business Herald" says that currently the relevant ministries and the introduction of fuel tax in the internal discussion, given a very tight time - on December 1 of the formal introduction of a more likely. "China Securities News" reported that the introduction of fuel tax is the current favorable opportunity, and the fuel tax introduced by the technical obstacles have been resolved, but the immediate launch is unlikely. The central bank issued the "2008 third quarter monetary policy report on the implementation," said the inflationary pressures to ease structural adjustment provided the space and time window, choose the right resources to promote the reform of the pricing mechanism and promote the optimization of economic structure and development patterns for long-term To maintain the overall price level basically stable to lay the foundation, the report said, could seize the opportunity to straighten out in a timely manner energy, transport, electricity, gas, water and so on price, in order to lay a solid foundation for sustainable development. Perhaps the time has come to the reform of energy prices. At present, the international oil price has fallen below 60 U.S. dollars / barrel, inflationary pressures are almost disappear, if we decide to rationalize energy prices, market-oriented reforms, in addition to the price of oil products by the impact of international oil prices may go down, big Part of the energy price increases may be, which would further suppress the demand has started to decline, energy prices, the reform of China's economy is conducive to the long-term development. For the stock market, rationalize energy prices led energy companies to distort the structure of earnings to correct, investors in the future contribute to the development and macro-economic performance of listed companies the right to form the trend is expected to enhance the efficiency of economic operation, such as Oil and other resources in the performance of enterprises will have a positive impact on growth. Deutsche Bank issued a report saying that if the full liberalization of refined oil price controls, is expected to China National Petroleum (601857) and China Petrochemical (600,028) of the benefit. The two companies in between 2009 to 2015, the accumulated before interest, depreciation and amortization of pre-tax profit increased to 46,000,000,000 U.S. dollars and 520 million. At present, the company's valuation can also be increased by 35% and 45%. Energy prices or market-oriented reforms to promote energy stocks listed company's share price return to normal levels, is conducive to market valuation closer to the true level. SASAC No.4 China's stock market and maturity of the market's biggest difference is that the state-owned shares in the market occupies an important position of state-owned shares every move affects the entire market. State funding for the reform of China's securities market is the impact of any other factors beyond compare. A state-owned blue-chip stocks listed in China's listed companies to raise the overall level of performance, the growth of the overall scale of China's securities market, making China an important global capital markets. Central enterprises and the restructuring of the overall market drifted away from the market so that the quality of state-owned assets into listed companies, not only the growing strength of listed companies, more importantly, the total elimination of the non-listed group emptied the interests of listed companies driving force For a large number of our group of companies and listed companies to improve governance mechanism to provide a creative solution to the ideas and examples of success. So far this year, regulate the transfer of state-owned property rights of the SASAC has become the focus of the current content. SASAC Director Li Rongrong said at the Beijing Olympic Games will speed up the integration of the central rate. According to the SASAC plans, by 2010, the central enterprises to be integrated into the 80 to 100, from the current goal of the period only 2 years to 2 years in this period, the integration of the central rate will reach a peak, at least there will be 1 / 2-2 / 3 of the central enterprises to restructuring. Central enterprises with the ultimate goal of reform in the core areas of culture internationally competitive large central enterprises. Central rate of restructuring has brought vitality to the stock market. A new round of reform of the central standing behind the central rate of listed companies related to the reorganization of assets will increase through the restructuring of perfect management mechanism, establish and improve the incentive and restraint mechanisms, and bring to enhance the performance of listed companies. People still remember last year when the big bull market, the central rate of re-integration, has produced a number of large Niugu. As the central level is often the industry leader with a strong role model, become a hot investment market. At the same time, the central rate of capital operation and management mechanism reform, the local state-owned enterprises will also have a demonstration effect, the promotion of the overall market's increase in asset restructuring activities and management reform. From a market point of view, a great number of stocks have fallen too far there have been serious, it is the best time for mergers and acquisitions. Once the state-owned shares of M & A rise of integration, together with the shares of state-owned holding company in the market a greater weight, will certainly boost the market enthusiasm for investment, improve market confidence. No.5 insurance Insurance funds as the market had been "the People's Liberation Army" and capital investment cycle is relatively long, is the large number of blue-chip investment of insurance funds, and the stability of blue chips, the market goes without saying that the role. China Insurance Regulatory Commission said, it is necessary to encourage insurance companies to invest directly or indirectly, capital markets, insurance agencies to play as a long-term institutional investors, advantages, and promote stability in the capital markets. At the same time, to insist on legal compliance, risk control and be able to meet the allocation of assets and liabilities under the premise of the need to raise the level of the use of insurance funds. To encourage insurance funds to buy bonds, as well as eligible corporate bonds and corporate debt, the country's economic construction to provide financial support; to guide the way claims to insurance companies to invest transportation, telecommunications, energy and other infrastructure projects and rural infrastructure projects; to promote safe Insurance companies to invest large state-owned stake in leading enterprises, in particular the relationship between the national strategy of energy and resources industries. The China Insurance Regulatory Commission is the official position in the near future in order to stabilize the stock market made the latest move. In view of the insurance market is in one of the major institutional investors, the China Insurance Regulatory Commission, the insurance companies to encourage investment in capital markets position, it may stimulate the market for more insurance funds into the market's hopes for the resumption of stock market will be Help. In addition to the insurance funds, social security funds in the stock market will they be able to play a greater role, has been a cause for concern. The view put forward, known by its holdings of real pressure for the way the conflicts in the future and Norway, it is better to let the size of the non-Social Security Fund to take over, will reduce the size of the non-taken from the people to be used on the people to save the city力量. This is conducive not only to a certain extent, changes in supply and demand, the market value of the system is conducive to more reflect the principle of safeguarding the interests of investors, but also conducive to the realization of institutional investors to stabilize the market to become the leading force in the strategic objectives. China Social Security Fund Council president Dai Xianglong said recently, the state-owned shares reduction enrich the social security fund is to promote policies. The social security fund has the characteristics of long-term investors, even if realized will be to re-enter the capital market, according to the market share of 10% of the proportion of state-owned shares will be allocated to the social security fund, in a sense no different from the social security fund as a buffer by state-owned shares Holding the reservoir, which will also be more beneficial to the stability of the market and steadily recovering. But the Financial Tan Ye commentator on the social security fund to save the city of criticism: the social security fund to rescue the market is the mistake. In her view, the social security fund for the future well-being of all older persons, can not afford the loss. Let the social security fund to become firefighters, it is mistake. Who knows what the bottom of the market, social security stabilization fund be borne by the losses, investors will certainly pay the bill tomorrow, so grasping the East West gourd dipper's efforts to save the city of opportunism, the capital market in the future will be planted more Hidden dangers. It appears that the social security fund picked up the size of the market on a large scale non-release of the shares is not the possibility of a large, the social security fund Hard "rescue" the responsibility. No.6 fund Securities investment funds is also an important participant in the market, which is set tens of millions of investors specialized investment funds, as if the listing is the majority shareholder. Although the decline in the stock market, the fund has not been spared, the net value of being cut, but in a bear market fund in Jiancang all the way, the stock position less cash-rich, in order to lay the foundation for investment in the stock market. According to the Quarterly Bulletin of the Fund III data, in the third quarter of a loss of funds 274,900,000,000 yuan. Active investment in the direction of the stock fund positions stock dropped further to 67.71 percent, the bank deposits and provision for the liquidation 172,234,000,000 yuan, in the last quarter fell more than 26.0 billion. End of the third quarter, investment in stock market value of the Fund A shares accounted for 20.75 percent of the market value than at the end of the second quarter fell 0.85 percentage point. 170,000,000,000 yuan although the ratio was 4.5 trillion yuan in circulation is not the market value, but the value of the fund to promote investment, if the concentration of ammunition, those who are buying the market underestimated the large blue-chip may also appear in "28" market, leading the index higher, so Active inspire confidence in the market. However, after the experience of the bear market bull market, the fund is unlikely to "unite as one, united," the Fund on the stock market and have their own value judgments, are also well aware of the fund on its own strength can not be about market trends. As a result, the fund "rescue" will remain at the same imagine that level. No.7 People's Bank of China In addition to the fundamentals support the stock market, the funds also face crucial. No flow of funds into the stock market is like bricks without straw. The fund decided to face the most crucial factor is the central bank's monetary policy. In fact, the end of last year, the stock market to bear with the funds side there is a certain relationship. Since 2008, in order to contain the rising prices brought about by the pressure of inflation, the central bank continues to tighten the money supply, many times in a row of raising the deposit reserve rate, making a substantial reduction in market liquidity, stock funds face a significant impact on the subject. At the same time, expanding the supply of the market, the stock is bound to fall. Now for the "capital growth", the central bank's monetary policy tightening by the moderate to liberal. Since mid-September since the 3rd down in the name of the benchmark interest rate. Timely and decisive adjustments to the macro-economic decline shows that the central bank to maintain a high degree of vigilance and timely introduction of a policy to deal with. And in 1997 the government's monetary policy stance and reaction time compared to the current monetary situation is more coordination, the nominal interest rate and the decline in real interest rates are negative, that is, the one-year deposit interest rate and the difference is still negative CPI, which often have Conducive to promoting investment and consumption demand. The central bank issued the "2008 third quarter monetary policy report on the implementation of the" pointed out that in the near term monetary policy to prevent deflation, the central bank will implement appropriate monetary policy, the banking system to ensure an adequate supply of liquidity to maintain a reasonable growth of monetary credit, currency and the maintenance of Financial stability, with the active financial policy coordination, actively support the expansion of domestic demand, increase financial support to economic growth. However, because a lot of liquidity into the economy may turn for the better into inflationary pressures, so to prevent long-term inflation at the same time should make efforts to maintain currency stability, promoting economic growth. Li Chao, spokesman for the central bank, in a recent Xinhua News Agency reporters Cai Fang and Shi Toulou for being flexible and effective response to the spread of international financial crisis, China maintained stable and rapid economic growth, the central bank is no longer present on commercial bank credit to be planning Hard-bound. The central bank moderately easy monetary policy will certainly have a positive impact on the stock market, capital market area is changing. The release of the central bank liquidity will to become stronger and stronger, the central bank's efforts to return the funds substantially reduced. Following the 1-year votes into the central issue every week after the March period will be changed to the central counting every other week to issue. In October the central bank to achieve 1,000 billion yuan put in the net, this is the first time since February this year, put in the net. Nov. money will continue to intensify efforts, the central bank will remain on the open market to achieve more than 100,000,000,000 yuan put in the net. If the central bank will again lower the reserve ratio, then put in to achieve a net increase will go a long way. It is expected that the money market liquidity will continue to be strengthened. Bank of slowdown in the pace of return of funds, money market yield continued to fall, also shows that capital markets face more and more relaxed, and is expected to cut interest rates. Shibor to the money market as represented by the interest rate on November 17 offer, up 8 varieties of 1 or 7, medium and long-term interest rates continue downward varieties. The Nov. 18 issue of the 1-year winning votes in the central interest at the rate of 2.249 percent, than the last issue dropped 96 basis points in interest rates. This is a 1-year central issue tickets for the third consecutive interest rate down 7, and the 7th decline over the previous 6 combined. Can see that the abundant liquidity in the stock market impact is subtle. To the international market, the United States in October height of the financial crisis, the United States money market liquidity is almost stagnant and the stock market has plunged into being. However, the government introduced a series of policies to rescue the market, financial markets have been a lot of liquidity into the market to restore confidence. The increase in liquidity and market confidence in Europe and the United States to promote the resumption of direct stock market have rebounded sharply. "The central bank on the open market put in the effort is continuing to increase, the continuous injection of liquidity is bound to boost the market." Analysts said. No.8 Ministry of Finance The stock market in October 2007 from the highest point fall 6124, the violent fall, has lost 70%. Bear cattle away from the stock market, the reasons varied, but the main round of this bull market is going in a hurry, the overdraft of economic growth, the market valuation of the bubble, at the same time also macro-economic adjustment cycle. To enter in 2008, along with the United States at the outbreak of the credit crisis, the international economic situation reversed, the three major international economies have entered into a recession, China's economy can not be an exception, will be affected from the economic data has seen China Economic growth is declining. In such an environment, the stock market rose on a lack of foundation. For the stock market turns for the better, first of all, but also to improve the macro-economic. In the face of the macroeconomic situation down, the Chinese Government in time 4,000,000,000,000 yuan introduction of the stimulus plan, 4 trillion of investment in public finances may be driven by two percentage points of GDP growth, China's economy is still expected to security "8." The central government in the "capital growth" measures to stimulate, local governments are using their own money to ensure good and fast economic development. 300,000,000,000, Jiangsu, Guangdong 2.3 trillion, 500,000,000,000 Shanghai, Jilin, 400,000,000,000, 207,000,000,000, Hainan, Anhui, 389,000,000,000, 350,000,000,000 Zhejiang, Liaoning 1.3 trillion, as of now, all over the country have publicly expressed will increase the total investment in fixed assets More than 6 trillion yuan, far exceeding the position of the State Council 4,000,000,000,000 yuan. If you consider the government-led investment funds community-led private sector investment, mainly driven social investment funds to form the government and the people, "skillfully deflected the question". The entire fixed assets investment scale will be huge. In the "capital growth" At the same time, the stock market also directly benefit from it. Large-scale investment in related industries will be the re-emergence of infrastructure, railways, raw materials, such as listed companies will be opportunities for performance will be shown. The performance of listed companies is the cornerstone of the market, only the performance of listed companies is expected to improve, in order to regain investor confidence. In the coming months, investment in China will be the biggest driver of economic growth, but analysts believe that potential risk should pay attention to prevention. First, we must prevent excessive investment in the rate of personal consumption in order to have a crowding-out effect; The second is to prevent the scale of investment in the short term leading to excessive investment rate of return is too low; The third is to rationalize the structure of investment, if a large amount of resources into manufacturing , Then expand the production capacity will increase in the phenomenon of deflation. In addition to the stimulation of investment, taxation is a major means of regulating the economy. Ministry of Finance recently issued a notice published this year, the third Chinese to raise the export tax rebate rate of goods involved and the scope of the tax, including some labor-intensive products, machinery and electronic products and other products, a total of 3770 products. This year China is the 3rd part of the adjustment of export tax policy. Inside and outside to alleviate the adverse environmental impact on exports from August 1 this year, will be part of the Chinese government textiles, clothing products, the export tax rebate rate from 11% to 13% of export enterprises have been widely welcomed. Since then, November 1, China raised the appropriate part of the labor-intensive and high-tech and high value-added goods, the export tax rebate rate. The export tax rebate rate will help to increase the pressure on enterprises to reduce and improve profitability. By the global economic slowdown, China's export growth rate was down trend. Overall, however, as the state's support for export enterprises, exports still maintained a steady growth trend. According to customs statistics, the January to October, China's total export value amounted to 1,202,330,000,000 U.S. dollars, up 21.9 percent. The transformation of value-added tax reform will also reduce the corporate tax burden and increase their profits. Since January 1, 2009, in all regions, all sectors to implement value-added tax reform and restructuring. Allow companies to buy new equipment offset contained in the value-added tax at the same time, the abolition of import equipment exempt from value-added tax and foreign-invested enterprises purchasing domestic equipment value-added tax rebate policy, taxpayers will be small-scale collection of value-added tax rate reduced to a uniform 3% will be mine Product value-added tax rate back to 17%. After calculations, next year the implementation of the reform will reduce the value-added tax revenue was about 1,200 billion yuan, city building maintenance income of about 60 billion教育费附加income of about 36 billion yuan, an increase of about 6.3 billion corporate income tax, the net effect will be Reduce the corporate tax burden of about 123,300,000,000 yuan. Pro-active fiscal policy is being implemented, but to support all types of enterprises should also switched out of the personal tax policy to promote growth in domestic demand. For example, increase the personal income tax threshold, if the money in the hands of the people, there is bound to increase consumption, while increasing the value of their assets, may increase the input of capital markets, capital market will face further relaxed in favor of the market好. To improve the efficiency of enterprises, the market is the real driving force behind the well. No.9 China Securities Regulatory Commission As a market regulator, Securities and Futures Commission in monitoring the market is not doing nothing. Although the regulator's primary responsibility is to maintain fair trade market, but by the market regulator system to improve market efficiency. Securities and Futures Commission is also active in efforts to care. Securities and Futures Commission in October approved a further 2 QFII, respectively, Societe Generale Asset Management Limited and Credit Suisse. As by the end of October this year, a total of 19 new QFII institutions, QFII the total number has reached 71. The downturn in the market, the market's approval of the QFII is obvious that he hopes the market for more institutional investors, the introduction of more funds into the market. QFII investment in the value of the idea of being accepted by the market, QFII's stock market also give confidence to other investors. The system in the building, on October 29, the China Securities Regulatory Commission stated that the relevant person in charge, Margin work in the normal way forward. Earlier, market speculation Margin pilot will be suspended. It is understood that the Shanghai and Shenzhen stock exchanges, as well as in Deng's CITIC Securities (600,030), the National Securities, Haitong Securities (600,837), China Merchants Securities, Galaxy Securities, Huatai Securities, GF Securities, Guotai Junan, Shenyin Wanguo, Everbright Securities Orient Securities and 11 securities companies and trust funds of their trip was the first time, margin trading and securities lending business of networking technology testing, inspection of the entire network system interoperability. The whole comparative test well, normal operation of technology systems. Yao Gang, said China Securities Regulatory Commission Vice-President should focus on strengthening the basic system to protect the legitimate rights and interests of investors, actively and steadily push forward reform and innovation, strengthen and improve market supervision. Analysis of the industry, including margin trading and securities lending, stock index futures, and so on are part of the system, the introduction of these new projects will further improve the function of the stock market, the stock market is favorable. In addition to the system, the SFC has also been given more responsibility. Former chairman of the China Securities Regulatory Commission Zhou Zhengqing on many public occasions called for the establishment should pay close attention to the stock market stabilization fund, and abnormal fluctuations in the stock market interventions conducted in a timely manner. Stabilization fund was seen as a "rescue" a major weapon. Zhou Zhengqing that, in the face of China's economic development and the fundamentals of the stock market do not conform to the non-Shadie rational, relevant departments shall take effective measures to establish a stock market stabilization fund to maintain investor confidence and market stability in the run. Zhou Zhengqing that, when abnormal fluctuations in financial markets, affect the social stability and development, the Government has taken measures to control and intervention is common practice all over the world. The market itself is not a lot of problems can be resolved, by the Government and relevant authorities introduced a policy to address the adjustment. Peking University Finance and Securities Research Center Director Cao Fengqi pointed out that, after the introduction of a series of favorable policies, such as restrictions on the flow of refinancing rate of exchange to buy gold, and so on, have enough strength. Stabilization fund set up sharply and the stock market can save the current confidence. Everbright Securities Kang, director of the Institute of the view that the current domestic situation, the Stabilization Fund to launch the conditions are ripe, the stabilization fund "high profile" into the market, for the restoration of market confidence will play a significant other can not Role, the market will have a clear policy point, with the shortest possible time in favor of a unified market of different views on this to achieve the best results to rescue the market. Raised from the situation, we might as well learn from some of the Hong Kong Tracker Fund of Hong Kong and Taiwan, "National Security Fund" of the model from three angles to raise the necessary funds, that is, large-scale state-owned enterprises and investors to become shareholders in the form of stabilization fund set up to do foreign exchange reserves mortgage Direct the formation of the central bank to issue currency stabilization fund and direct-oriented investors to raise the issue. And the establishment of the stabilization fund and the corresponding high-profile, the use of massive foreign exchange reserves to buy H shares, either by the company for completion by the SASAC guidance can also be listed in Hong Kong's major shareholders and the controlling shareholder return approach Purchase shares of the Company, which both play a role in the stability of the Hong Kong stock market, while at the same time the central rate is the most direct support and, more importantly, is the A-share market will be a tremendous positive impact. However, stabilization fund has a different view. Economists pointed out that Watson, the cornerstone of a healthy stock market valuation is reasonable. China's capital market from the long-term interests, should use the Exchange Stabilization Fund to purchase a very reasonable valuation, and even some in the Chinese market is undervalued blue chips. This is China's capital market strong support. Kang also of the view that this year China's stock market adjustment, the reason for the emergence of A shares was not a marked deterioration in fundamentals, but the decline was the first in the world of the strange phenomenon, which is one of the reasons for the absence of hedging instruments such as stock index futures, funds And individual investors can only sell shares through the "narrow" to avoid greater losses, resulting in increasing herding, the irrational market. If institutional investors in stock index futures market for hedging, they would dare to boldly as a long-term holders of the Shanghai and Shenzhen 300 constituent stocks of such high-quality stocks and not have been forced to sell the herd. As a result, long-term effects from the point of view, stock index futures will play a smoothing fluctuations in the spot market, the spot market for the provision of risk hedging tool to avoid stock market investors the necessary means to systemic risk, but also help boost market Confidence in the stability of market expectations. At present, the stabilization fund will not be set up soon. Zhang Xiaoqiang, deputy director of the National Development and Reform Commission made it clear that the Government would like the stock market can stable development of better, but the need to save the stock market and the lack of consensus, of course, not on the government to allocate the money to set up a stabilization fund. He stressed that the government supports the development of a stable stock market, and hopes that the market supervision order and healthy development of the stock market. No.10 of the new government of the United States Some of China's economy attributable to the decline in the U.S. sub-loan crisis, may be a grain of truth. As the Chinese economy becoming more globalized, the U.S. economy "sneeze", China's economy will also suffer from a cold. Although the United States no longer have to have more money will not save China's stock market, but indirectly, if the U.S. economy has improved, and that the Chinese economy is beneficial. U.S. economic rescue plan will be passed out of the woods? At present, people have to revitalize the U.S. economy fell in the hope of a new president who Obama. As the next year on January 20 before he leaves office the Bush administration's use of financial aid up to 700,000,000,000 U.S. dollars of funds in the half, which means that the Government took office, Obama will decide how to use the remaining 350,000,000,000 U.S. dollars. It is reported that Obama may have been planning how to use it to prepare 350,000,000,000 U.S. dollars. Obama has made it clear that at all costs to stimulate the economy. Obama in the U.S. CBS (CBS) news interview with "60 Minutes", said: "In the short term, the most important task we face is to avoid further deepen the recession." Obama pointed out that the Democratic and Republican parties have formed a consensus of economic experts, the Government has injected huge amounts of money to prevent an economic recession exacerbated by the necessary means, it is imperative to take all measures to stimulate the economy, and should not be worried about the deficit over the next two years. It is reported that Obama and the United States Pelosi Speaker of the House of Representatives is preparing to use 500,000,000,000 U.S. dollars in order to stimulate the economy. The plan includes the United States to increase unemployment benefits. Bush and one-time payment of the way, Obama will be the middle class to provide regular income tax. In addition, Obama and Pelosi also hope to provide assistance to states and the federal government increase in roads, bridges and other public infrastructure spending. Obama could become the "Roosevelt of the 21st century?" Roosevelt is a symbolic figure of the Democratic Party of the United States, but also the success of the last century to deal with the crisis of the Great Depression of the President of the United States. However, in order to become a crisis, like Roosevelt, "The Terminator," Obama challenge is extremely difficult. At present, to the U.S. government's budget deficit were prohibitively high, as well as a mess of the economic situation, economists believe that Obama's plan would not be realistic, it is difficult to fully implement. Moody's Investors Service's Economy.com chief economist MarkZandi said: "If the United States does not put an amount of 3,000 billion dollars of the package, then in 2009 the U.S. economy could shrink by 2%. And with such a plan, Economy has shown a good development trend, the growth rate will be close to 0%, but in 1991 it will continue to be the worst level since. " Summers, a professor at Harvard University, said the U.S. economy needs a few years "a solid and lasting quickly" in order to stimulate full recovery. To improve the external environment is difficult to rely on China's stock market to rise still rely on their own strength.