State Council scheduled for 9 of the financial measures to stabilize the stock market

Chinese Premier Wen Jiabao presided over the 3, a State Council executive meeting to study the deployment of the current financial policies to promote economic development measures. It was noted that to cope with the international financial crisis and maintain stable and rapid economic development, we must conscientiously implement the proactive fiscal policy and moderate monetary policy, further financial support to economic development efforts. To improve the adoption of policies and measures to support innovation and institutional mechanisms to mobilize commercial banks to increase credit initiative to strengthen financial institutions the ability to resist risks, the formation of the banking, securities, insurance and so the expansion of financing, risk diversification efforts, better financial support To promote economic growth and structural adjustment. The meeting studied to determine the financial policies to promote economic development measures. (A) to implement appropriate monetary policies to promote the steady growth of monetary credit. Comprehensive use of the deposit reserve ratio, interest rates, exchange rate means that the banking system to maintain an adequate supply of liquidity, additional policy-related bank loans 2008 annual 100,000,000,000 yuan. (B) to strengthen and improve credit services to meet the reasonable demand of funds. To encourage local governments through the injection of capital, risk compensation, and so on a variety of ways to increase the company's credit guarantee to support; the establishment of a multi-level SME Loan Guarantee Fund and the security agencies to increase the proportion of loans to small and medium enterprises; eligible for the SME credit guarantee institutions to avoid Levy sales tax; the establishment of rural credit guarantee mechanisms, effective in rural areas to expand the scope of security, rural development and actively explore various forms of secured credit products; active expansion of housing, cars and consumer credit market in rural areas. (C) to speed up construction of a multi-level capital market system, the market's function of resource allocation. The stability of the stock market run, promote the steady development of futures markets, and expand the size of the bond issue, and give priority to infrastructure, livelihood projects, ecological environment and post-disaster reconstruction, and other related issue. (D) to play insurance and finance functions, the promotion of economic and social stability in the run. Positive development "three rural", housing and car consumption, health, old-age insurance, etc., in order to guide insurance claims such as investment in transport, communications, energy, infrastructure and rural infrastructure projects. (E) innovative financing, mergers and acquisitions through loans, real estate investment trust funds, equity funds and regulate the development of various forms of private financing, expand the financing channels for enterprises. (Vi) to improve foreign exchange management, and vigorously promote trade and investment facilitation. Appropriately increasing the proportion of corporate foreign exchange payment in advance to facilitate enterprises, especially small and medium enterprises, trade financing, foreign exchange to improve efficiency in the use of funds to support the development of foreign trade. (Vii) to speed up the modernization of financial services, and improve the level of financial services. To further enrich the payment system, the expansion of the state treasury to pay directly related disaster relief subsidies and other government subsidies of the scope of the Fund, optimize the export tax rebate process, to continue to promote small and medium enterprises and rural credit system. (Viii) increase the fiscal and taxation policy support, financial capital to play the leverage to strengthen the financial sector to resolve non-performing assets and the promotion of economic growth. (I) to deepen financial reforms, improve the financial supervision system, strengthening the monitoring and risk management, and effectively protect the financial security and stability. The meeting heard and deliberated on the 2008 State Science and Technology Award for the work of the assessment report on the approval of candidates for the award-winning, the type and level of incentives.

Securities and Futures Commission and then a heavy stock market Weiwen

Securities and Futures Commission denied the relevant departments in charge of construction of China's recent rumors immediately released. He said that China has not issued building approval, although it through the June issue of the review, but in the near future will not be issued immediately. "Right now we see the results (IPO has been suspended for more than two months), the Securities and Futures Commission in accordance with market demands and seize control of the pace issue." The official said that the SFC will continue to issue new shares to grasp the rhythm. On the one hand, to issue strict supervision, examination and approval work to do a good job, the work has not stopped, whether it will meet, the feedback will, or will be discussed, are on schedule; On the other hand, the market play a role in strengthening the market constraints , Now publisher of the market regulator to issue shares to strengthen the binding of the window. At the same time, the Commission took note of the recent community on the issue of reform of the system put a lot of suggestions and comments, the Commission listen to the views of the market, continue to reform and improve the system of issuing shares to raise the level of professional intermediaries, the elimination of excessive speculation, so that the stock price better Reflect market supply and demand and scarcity of resources, to improve the efficiency of capital market allocation of resources. Securities and Futures Commission in charge of relevant departments also mentioned that has not received the Agricultural Bank of the applications. The ongoing transformation of joint-stock bank, has not yet completed work to set up joint-stock companies. SFC, the Agricultural Bank and other listed companies is the same as its application for listing must meet the legal requirements and to fulfill the legal approval process. ABC has not yet submitted the listing application, it does not have to apply for the listing issue.

Why is the stock market bounce up less than expected?

The central bank cut interest rates sharply lower and the deposit reserve ratio has not brought the stock market blowout, though the stock market opened in 2000 washed up on the crossing point, but did not maintain the stock market's rise, but fell all the way, although at the end to hold onto the 1900-point barrier, but only full-Prev Close up 19.98 points, or only 1.05 percent, far below expectations. Why are so disappointed with the performance of the stock market, is the Government's rescue measures are not enough positive, is not the Government's introduction of such a big move to cut interest rates, investors that the Government is to promote the Chinese economy has maintained stable and rapid growth in the determination of the Government's attitude Are very clear, with no market, it is clear that speculation in the stock market panic still can not remove. No stock market rose sharply on selling pressure still exists, and there are several reasons for the sell-off of several possible under the First, the size of the non-waiting to flee, as long as the stock market has gone up, non-small (including the size of some of the restrictions are) will be part of the sell-off Stocks as well, after all, their very low cost of ownership, as long as profits are made, or to make repeat Chiral, of course, not all of them out, but they will also sell a small amount of the stock market's rise caused by a fatal blow. Second, institutional investors, some of the speculation, though they are in the market in the stock market is also scarred (more than half of the wealth is shrinking), but their short-term speculation and the desire of the stock market downturn will not be reduced as long as the stock market in Any sign of trouble They will stir up trouble, some of the Third Ordinary investors have been several times before the soaring stock market crash frightened, that the stock market to soar to stimulate positive, but after the stimulus, as will be the first to fall, so that the range of the stock market Xiantao end up on the best, so that's good government policy one day after the digestion. Whether that is the reason, this shows that stock market investors in the future economic outlook is not very optimistic, although the rate cut to stimulate the economic recovery is certainly a positive role, but it is short-term effect will not be obvious, especially For a number of small and medium enterprises, their problem is not high interest loans, debt on the central level (there are more loans to real estate developers) may reduce some of the financial cost. However, the real crush of business is not a major factor in interest payments, but the market is no shrinking revenue, would add much-needed corporate funds to maintain operations. The current bank lending standards and no real open one's mouth, after all, the bank is also the enterprise, the United States has just taken place by the financial crisis arising from the Subordinated Debt, Bank lending is now more cautious. Therefore, despite the country announced investment plans are very attractive, especially local investment plans are more ambitious, but not easy to raise funds, local governments do not have adequate financial resources to support its huge investment, bank loans can not be implemented, many of the magnificent The plan is also on the drawing board, which is why investors have put the country's economic recovery plan are still wait-and-see attitude of the main reasons. In the stock market sell-off pressure is not small, the macro-economic prospects remains to be seen, the stock market out of disappointment on the market can be understood, but people should look at the optimism of China's economic development and the future of the stock market, China's economy now has a lot of momentum into, These power will continue to enhance the accumulation, although the decline in the current state of China's economy to start up a lot of resistance, but the start of China's economy will definitely come, and if China's economy to start up, pre-implantation will be the driving force of China Economic take-off again, the capital market will usher in another spring. Of course, investors need to be patient, may have to wait a year or even longer period of time, as short-term stock market can not be a qualitative leap in the stock market is at the top of the station by 2000, investors will not be pursued.

Social Security Fund will invest an additional stock Weiwen

28 from the National Social Security Fund Council was informed that the National Social Security Fund Council will initiate the expansion of the index of investment to strategic investors in his capacity as listed shares after the country opened and the line of the Agricultural Bank, to Chongqing, and other high-speed projects Trust loans , To support financial reform and economic development. These measures include: increasing investment in key state projects and focus on issues related to people's livelihood-related projects, and strive to achieve on the central "to promote the development of" strategic requirements; index gradually expand the scale of investment, at the same time some of the additional equity investments in order to Market confidence in the stability of capital markets and the pursuit of long-term development of a stable income; pay close attention to the China Development Bank and Agricultural Bank of China's joint-stock reform process, in order to prepare a stake in his capacity as strategic investors to support the country's financial reform; Chongqing to the high-speed, and other items provide a total of 5 Trust 5,000,000,000 yuan loans to support infrastructure construction and economic development; step up development of equity fund management approach, in order to further lay the foundation for equity investment fund. According to the National Social Security Fund Council, chairman of Dai Xianglong, the face of financial market volatility and the risk of increased social security fund to initiate a series of measures with a view to promoting self-development while promoting the development of the capital market to support financial reform And economic development. He pointed out that the Council will adhere to the long-term investment, the value of investments and investment responsibility for the idea of task, convinced that the current difficulties there are the social security fund for the future development opportunities.

Hundreds of billions of investment options in the stock market impact of geometric

National Development and Reform Commission Zhang Ping said that so far, in the fourth quarter of 2008, the new central 100,000,000,000 yuan has been invested into the project in general, "has now issued more than 40% of the plan." The same day this reporter was informed that the exclusive, which 100,000,000,000 yuan of investment, has been refined to specific areas of each, and a clear allocation of the investment amount, distribution and in the field of major construction tasks. Although the Chinese government is a large-scale fiscal stimulus program of the first shot, but "Gangjumuzhang", the above-mentioned areas over the next two years led the government to invest 4 trillion in the direction from which people can see that the Government or the future financial 4,000,000,000,000 Stimulate the implementation of the program's focus. Financial Science Institute in the Ministry of Finance Liu Shangxi, deputy director of the eyes of the Chinese government's new pro-active fiscal policy and in 1998, not only larger, wider, faster, and investment in the direction of the people's livelihood has obvious tendency. 100,000,000,000 detailed list of investment Zhang Ping, the current central government 100,000,000,000 yuan of investment, direction have been identified. The main areas: security and housing, livelihood projects and rural infrastructure, agriculture, railways, highways, airports and other infrastructure construction, education, health and other social cause, the ecological environment, independent innovation and structural adjustment, as well as post-disaster recovery re - Building. Zhang Ping said that the new 100,000,000,000 yuan in the fourth quarter of the investment arrangements for the central principles: One is to speed up construction projects in progress; in the second, preliminary work has been completed and the project, with the choice of investment in the direction of the project; Third, arrangements for the "ten First Five-Year Plan ", as well as various special plans have been identified. According to reporters from this newspaper for information concerning the above-mentioned central 100,000,000,000 yuan investment, the current allocation of funds has been refined to protect the homes of the project 10,000,000,000 yuan, rural livelihood and rural infrastructure projects 34,000,000,000 yuan, railways, highways and airport Major infrastructure construction 25,000,000,000 yuan, health care, education and cultural development of social undertakings 13.0 billion, energy reduction and ecological construction projects 12.0 billion, independent innovation and industrial restructuring 6,000,000,000 yuan. Rural livelihood and rural infrastructure projects to become the largest area of investment. In fact, here in the field of six, each of these areas, there are more specific guidelines in the field of arrangements. The protection of homes in the area of the project will include construction of low-cost housing (including the transformation of urban squatter settlements) 75 billion, the main task of construction and the purchase of new low-cost housing; coal mine 1.7 billion transformation of squatter settlements, including the transformation of The central and western regions of the Central delegation of local coal mines squatter settlements, construction of residential quarters of the supporting infrastructure projects, the relocation of coal mining subsidence repair houses; state-owned forest squatter settlements 150,000,000 yuan renovation project, mainly for construction workers of state-owned forest areas of housing ... ... In rural areas the people's livelihood projects and rural infrastructure in areas under specific and detailed for rural biogas 3.0 billion project to build "a pool of three years to" rural households to use marsh gas, rural marsh gas in rural services network, "to build a pool of three" Cell culture and the household biogas project; rural drinking water safety engineering 5,000,000,000 yuan to solve rural drinking water safety issues; 5,000,000,000 yuan in rural highway, to expand the system in the central region of the oil-village, west of the oil-Rural 15 Specific aspects. This is more like the next two years, the Chinese government to invest 4 trillion a guide. According to Zhang Ping said, it is 100,000,000,000 involved in construction projects over the next two years, generally need to invest 4 trillion. "This year's 1,000 billion investment in our fight, but we do focus, in accordance with the 'list' to prepare for next year after reporting a specific project." Related to local government officials have told this reporter. "Investment will not form a huge amount of duplication" In fact, the Chinese Government on the future of this 4 trillion of financial investment, has acquired quite a clear allocation of funds to choose the direction and intensity. According to Zhang Ping said that under the current system of investment funds and investment arrangements for the program over the next 4 trillion in investment, the investment needs of the Central 1180000000000. This 4 trillion in home-protection project is 280,000,000,000; rural livelihood and rural infrastructure projects in general is 370,000,000,000; railways, highways, airports, power grids in urban and rural areas is 1,800,000,000,000; health, culture and education is 40,000,000,000; ecological This investment environment is 350,000,000,000; independent innovation is the structural adjustment 160,000,000,000; the post-disaster reconstruction, is the worst-hit 1 trillion. "4 trillion yuan of investment there is no large-scale investment in production capacity, not 'one of the two high-owned' investments." Zhang Ping said that the 4 trillion yuan of investment is in fact the whole society to invest. "Will not repeat the formation of the building, nor will it form a low-level redundant construction." Zhang Ping said that in 2007, the total investment in fixed assets of more than 13 trillion yuan, is expected in 2008 to more than 17,000,000,000,000 yuan, in 2009 20,000,000,000,000 yuan or so. According to the National Development and Reform Commission estimated that investment in this 4,000,000,000,000 yuan each year to promote economic growth of about 1 percentage point. With regard to the community on the issue of corruption, fear, to respond to Zhang Ping Road, in the arrangements for the investment, but also to consider how to prevent this problem from happening, that is to implement the responsibility to clear the main responsibility; according to adhere to the procedures, operation of the sun; and We should strengthen supervision and inspection. To this end, the government has organized 24 inspection of the Central Group, each of the inspection team headed by a vice ministerial-level leading cadres were dispatched to various provinces to strengthen supervision and inspection, each province will take the same approach to strengthen supervision and inspection. With regard to invest in some "old faces" is not able to play a new investment and stimulate economic growth in the role of the doubt, Zhang explained that the choice of a number of projects and preliminary work has been completed and the project is "fast, In order to associate ", is not the role of" old faces, new faces to the measure. " Zhang Ping to low-cost housing construction as an example the problem. This year the central government arranged the original 20-billion-dollar investment, can be used to subsidize about 200,000 or so low-rent housing. Now there are about 10,000 cities and towns more than 700 low-income families need to address the housing problem, according to the progress of the original need a longer time. 100,000,000,000 yuan in new investment arranged 7.5 billion for low-cost housing construction and is expected to significantly speed up the process. Or lay a solid foundation trillion national debt funding needs It is understood that the relevant decision-making departments are currently considering the next two years after the issuance of long-term construction treasury bonds of the Central 500,000,000,000, a total of two additional 1 trillion national debt, the Central 1,180,000,000,000 constitute the main body of investment funds. Although this line of thought but also in the final in March 2009 on the two country's can be confirmed eventually, but now, both from a policy tool to raise funds, the use of funds, the idea that the Chinese Government seems to be repeated 1998 Asian financial crisis of the story. 1998 Asian financial crisis, the Chinese government to issue special long-term construction treasury bonds to promote the deficit for the financial characteristics of the timely start of the proactive fiscal policy, as of 2007, to issue a total of 1,080,000,000,000 yuan special treasury bonds. However, the financial research institute of the Ministry of Finance Liu Shangxi, deputy director of the eyes of the Chinese government's new pro-active fiscal policy and in 1998, not only larger, broader, faster and at the same time also underlines a new trend . Liu Shangxi pointed out that the fiscal stimulus from the current six major investment, security and housing, livelihood projects and rural infrastructure, agriculture, education, health and other social cause, the ecological environment in four areas of investment, have a clear public The characteristics of the expenditure, accounted for more of the public finances is a necessary and public projects. The railway, highway, airport and other areas of investment, although the market can be a part of the way to attract private capital participation, but as a whole is still owned by the investment in infrastructure, and thus most of the need to pay the Government, through the help of public expenditure in order to boost the Private consumption expenditure. "This will reduce the government taking over-crowding and market the probability of occurrence of the phenomenon." Liu Shangxi said. However, Liu Shangxi also expressed their own concerns. On the one hand, the current investment system, the examination and approval system, Liu Shangxi worried bond investment arrangements for the "grassroots" phenomenon is difficult to avoid. 1998-1999 statistics show-2002 to arrange local financing of the total national debt as a proportion of investment 70.4 percent, more than 30,000 projects involving a total investment capital 105,470,000,000 yuan of treasury bonds. On the other hand, revenue fell to speed up the situation, Liu Shangxi resolve to remind policy makers in the field of economic risk at the same time, we should also pay attention to preventing an even greater risk. Liu in view, the fiscal deficit is a "double-edged sword", the Government through the issuance of long-term construction treasury bonds in particular the way large-scale distribution of resources will help drive consumer confidence in the people. However, if the end can not really pull domestic consumer demand, while government debt rose sharply to form a burden, but will drag on economic growth in the future. "This is a war we can win, not lose." Liu Shangxi said.

Significant positive market attack or 2500 points

The central bank sharply cut short-term interest rates, as well as deposit reserve ratio, far beyond market expectations, showing the management of emergency rescue package of economic growth falling too fast determination to prevent further deflation, of course, also reflects the economic situation is not optimistic. Substantial market adjust the current lack of liquidity, it is clear the market will certainly increase the proportion of short-term liquidity, the stock market, would constitute a substantive good. This will be a direct short-term market catalyst to start the second bounce. And the current market as a whole surface of the news should be positive factors than negative impact from the external market environment, the U.S. government will provide 800,000,000,000 U.S. dollars to help thaw the consumer credit market, while mortgages become more expensive And improved access to, contribute to the stability of the global stock markets once again. From the internal factors, GF GF Fund's Shanghai and Shenzhen 300 index fund raising allowed, the various securities at short notice, the Securities and Futures Commission this Thursday or Friday to return securities margin trading and securities lending program, next year China will transport industry 1 trillion yuan of investment, and so on, has become clear that this is a positive factor, there are about to uncertain economic work conference, and so on, in particular the various types of research institutions is essential that a substantial rate cut. So in these favorable factors, will help stabilized the market to stabilize. The hot sites are also eager to start, highways, steel, railway equipment, real estate, such as plates and the rest in place of the mainstream of active Hot round action, an indication of the main force in a positive direction to seek a breakthrough. It will facilitate the continued popularity more to do together. In particular in the first place to adjust the stock has started up a second round of the increase in the number of homes in the above characteristics that I have put forward in favor of the gradual proliferation. Make the final choice of the market may rebound upward. Trend patterns, the market in the near future to stop at the top of the points in 2000, more pressure on the file Su Liang market continued to fall. Wednesday's small Su Liang Yang is of great significance, signals the end of the stock in the short-term adjustment. Due to the current favorable market conditions, together with the file under the strong technical support, and then the market will rebound in the near future to undertake to continue to trend performance of the upside again. Still persist in the near future or the market will hit a record high possibility this is a week in an article published Shang Zhengbao point of view, therefore, in operation, pay close attention to the development of the market, the appropriate concern of the new opportunities for the emergence of a strong stock. Jin: the central bank will push down the two index points, the impact of 2500! It will eventually come to, it appears that management is not the moment to free the market focused on this critical moment, the management not hesitate to drop big two out, but more than the market expectation of the two lower ! Financial institutions to cut one-year yuan loans to keep the benchmark interest rate 1.08 per cent each, down the Industrial and Commercial Bank, Agricultural Bank of China, Bank of China, Construction Bank, Bank of Communications, the postal savings bank deposits and other large financial institutions RMB deposit reserve ratio by 1 percentage point , Taking down small and medium-sized financial institutions RMB deposit reserve ratio by 2 percentage points and so on. To deal with the international financial crisis on the adverse impact of China's State Council on the macro-control policies in time to make major adjustments to implement the proactive fiscal policy and appropriate monetary policy is essential! In the long run, monetary policy continues a trend of relaxation. As the downward trend in inflation is already evident, PPI to have peaked. The market started to deflation concerns will gradually increase, so the market's management to lower interest rates is the long-awaited, in the performance of the stock market as early as Friday and today the property of the plate ready to make trouble had shown initial signs of a clue! The relative rates of foreign banks, the Bank of China's interest rates are relatively high, and is currently overseas, in particular in the United States to cut interest rates sharply against the backdrop of China's high interest rates is clearly inappropriate times! Before that, China's benchmark interest rate higher than Europe and the United States 2-3% percentage points, making hot money into China arbitrage opportunities exist objectively, and the move today, it is clear that the scope for arbitrage on a large compression at the same time Is also in line with the current state support for small and medium enterprises in the Mainland's national policy! The most direct impact is that the rate cut will help reduce borrowing costs and reduce its financial burden, especially on employment have a significant impact on the financial pressure on small and medium enterprises. At the same time, also in the hands of ordinary people for money to increase investment, stimulate the economy through the transfer of the signal to stabilize market expectations, the impact on the stock market is positive! In particular the real estate business is expected to form a strong inversion! In fact, today's move is also the country's policy of pre-series series of measures should be done, I believe the next step of economic work conference will continue to strengthen the pre-policy, which China will play a positive macro-economic impact, once the GTP still remain at high Growth, the performance of listed companies in 2009 will greatly ease the pressure on! This is what the current look and air of funds by one of the key factors that worry! In the current stock market continued with a big bang, a Straddle both sides anxious situation, the policy will be encouraged by today's multi-Jiu Gong winning no less than the average 60 days! The 60 day average market is of great significance! Is the central line of the stock market forces to determine the lifeline of the important changes, and the average was 60 days once the multi-step on the foot, the big rebound in the subsequent birth of the level! Stock short-term goal is worth looking forward to 2500 points! Jin Ge: good major central bank to cut interest rates sharply emergency! From the news out on the steps, the rate cut was expected by the market, for the simple reason that fiscal policy has played early because of the policy package, so fiscal policy continue to tap the potential of space and is very small, so in the future can be used Policy control only one monetary policy, and monetary policy and interest rates, only the deposit reserve ratio by. But one thing is beyond the market's expectations, that is, cut the margin. Since the previous rate was whether to cut interest rates in general are 0.25 basis points to a standard, so even if the pre-market is forecast to cut interest rates, but also as a standard, did not expect this one down as many as 108 Point, it will enable the market has been an earthquake. The most important thing is the news of the closure is very tight, the disk from the point of view, outside the capital is basically not involved in the hunters, despite the changes in the real estate board, but the margin is not large, with an inflow of a very limited number, so far The good news is expected before the policy will lead to urgent psychological Takong funds, so that tomorrow's market is more optimistic. From the plate and on the opportunity, the capital of the most tense chain, the liquidity of the most coveted real estate sector will be benefited, but we must understand that over-supply in the real estate market, which is also good at the most can only be formed stage Of no more than a rebound, so the operation would also like to carry on a short-term thinking. In addition, the global financial crisis and rampant economic crisis, our country's social capital is to accelerate the return of the banking system, which is also offset to a large extent pre-market, the central bank to inject liquidity efforts, but also worsened the already plunged into Liquidity crisis in financial chain. This is in the current struggle between life and death of small and medium enterprises in particular, private enterprises constitute a great deal of bad, but this time a substantial rate cut, is expected to change this situation. On the one hand, the deposit interest rate will help to reduce sedimentation in the bank's capital back to the community; On the other hand, the lower the interest rate will help reduce the cost of running the national economy as a whole so as to the micro-positive individuals, creating huge. The most important thing is that this extraordinary act of the show that the rate cut in the current global economic crisis against the backdrop of China's economic growth in order to achieve the objectives of the eight security firm. Hairiness: the large "double down" should not be too optimistic The careful investor will find, A shares as opposed to the independence of the external disk growing, because the Chinese government launched a huge investment plan to stimulate the economy very difficult to follow the example of other countries, although local authorities reported that the investment plan Exaggerated, but even if the Government announced the initial amount, several countries did not have the strength to launch a similar program in the world completely out of the economic crisis, the appeal of Chinese assets will be greatly enhanced. With regard to the recent inflow of foreign capital also reported that some of the evidence of this, it will be beneficial to next year's A shares liquidity. The rate of such a large rate cut, it is rare that this year's record of the monetary policy adjustment will go down in history, falling two to three months, a 108 basis points. Interest rate monetary policy is the most fierce of the drug, so frequent use of a substantial, given the economic entities of enormous good, but also from the side shows China's real economy is currently facing great difficulties. Originally a bear market is accompanied by a cut in the process, Gaokaidizou is the most typical trend Buguoruci big drop, trading may be able to close up, or more the past few trading days of finishing concussion. Followed by a few trading days, such as the emergence of a more substantial increase, should adhere to the control positions, should not go up Shanghai China, concerned about the 60 day moving average pressure. The optimism of investors, concerned about the proposed power equipment, medicine, agriculture and so on plate. Students: two-pronged transfer rate to resolve short-term market Miju Today, there are changes after real estate stocks, but the entire plate from the gradual softening or paralysis of the author, it appears that this double down the confidential information doing quite well, reflected from the surface appears only see information only Very few people can determine in advance of the news. The reserve ratio and interest rates down beyond the range of market expectations, as it is generally expected 54 basis points on the basis of doubled, while reserve has been reduced by 1 percentage point can not say that the small. There was no difference between two-pronged tune with reserves down to the banks and real estate constitutes a good, positive-than-expected stimulus, banks and real estate plate tomorrow are expected to appear better performance, with two of the big Xiongqi, Trading was light as a result of the market caused by short-term Miju will be resolved. From this we see once again the management of the "capital growth" firm stance, I believe the good news is that a sudden breakthrough in the market to choose the direction of traction when the decision to move its forces for the time being optimistic about the market outlook.

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.

At present, the stock market's three-game

Straddle the stock market in the ordinary course of only two sides, how can there be tripartite? Indeed, from the direct sale of the stock market behavior seems to be Straddle both sides of the struggle, and the strength and position of each other are converted - no more, and the air from beginning to end. The market can be interpreted by many factors. It seems to me that the stock may now be called the three forces in the game: to see one of the pressure of economic adjustment, the government saw the hand of expanding domestic demand side, as well as the industrial capital side. Perhaps this is rather vague concept, we are not good at learning, a variety of ideas always look at the market will not do any harm. Oh, with the following on the Road to join me in slowly. First, that economic pressure to adjust the party: well-known sub-loan from the financial crisis has been clearly transmitted to the economy especially in Europe and the United States and some foreign countries more obvious - such as South Korea, Iceland, Russia and so on. It is not hard to project the degree of dependence on external up to 60% of us, the impact is inevitable and natural entities, especially in the economic level, even more so. Reduce orders, receivables into a loss, rising costs, low value-added is likely to be the Achilles heel for the time being we are. As a typical manufacturing us that a large number of stock prices brought about by the loss is not small figures - in particular, it is facing reduced demand for raw materials and labor pains brought about by the decline can not be taken lightly. The increasing globalization of one succeeds will also be ruined loss for one of the current tendency to allow all countries on earth it is very difficult to stay out. The problem is that no one knows how long this situation? Will be the extent to which? Furthermore, we see that the Government hand side of expanding domestic demand: to re-sell, the faster it is clear that the characteristics of the government action, the figure 4 trillion more than it expected, together with local governments, private capital, banking and other aspects of the chain Reaction, we believe that this role can not pull the economy in the future. We have a broad hinterland, multi-level and the level of economic development, especially the large population of the working population as well as the high savings rate, nearly 2 trillion U.S. dollars of foreign reserve. . . These Tengnue our economy has provided a broad space. Finally, the industrial capital, said that the party: the size of the total non-fled as the sword hanging above the index, after all, has been in circulation and flow to be close to the ratio of 1:2. At the same time, these low-cost treatment of stock holders and attitude to the point of view we do not rely on the secondary market for these investments - in particular the growth performance of some of the hopelessness of the high valuation of the marginal shares (shares for three or four lines); on the other hand Some of the holdings of major shareholders even in the 2 Jupai market is also increasing. . . . . In fact, these three parties, will eventually be translated into both sides and Straddle position is not static. The problem is that in this situation before so complex that no one can see clearly. This short-term share price volatility can be corroborated - is clear evidence of short-term operation - Jipatakong people also fear that hold-up. They are not clear, as far as possible conservative investment strategy may be the best. Of course, the conservative does not mean waiting for the negative.

Can not be ignored in the afternoon 3 positive factors

Abstract: In general, the market often requires the successful launch of a number of strong supporting factors. For example, the recent 4 trillion of investment in fixed-yield investment program has led to a strong rebound in the market. In that case, in the future for a longer period of time, there are positive factors which should be concerned about this? First, industries involved in capital: one must not neglect the positive factors Over the past year or so after the adjustment, A shares have fallen Shi Jingshuai the level of early 2005; that is to say, A shares of PB has been near its lowest level in history. It is against this background, the market has begun to show signs of industrial activities in the capital. According to incomplete statistics, in the near future since there have been four cases Jupai, namely Beijing, Shandong Bo Jupai second-State management (stock market now), in Jupai trillion invested in the Bohai Sea Logistics (market share it) and Commercial City ( Market share it), listed companies Ma Ying-long (market share it) Jupai Ling Rui shares (market share it), Shenzhen Jupai Shenguo Shang Mao Building Industry (market forum). Although the market from the table, the industrial capital of listed companies Jupai cases caused by the reaction is not great; However, it is very likely to have the market power of the industrial capital of the threatened intervention. As the saying goes, well, single spark can start a prairie fire. In the industrial investment environment is not ideal, options to buy an underestimate of the best companies in terms of business are also a good investment. It should be noted that on November 20, Shanghai state-owned assets through the capital market to enlarge and strengthen the formal program was finalized. Shanghai's state-owned listed companies rely on capital markets, specific way is now clear that the overall market, issuance of shares, mergers and acquisitions, stocks are moving policy support and encouragement. Can be of the view that state-owned enterprises in Shanghai state-owned enterprises through the capital market integration approach will be the integration of central enterprises on behalf of the show. As a result, the next two years involved in a large number of industrial capital to capital markets is no doubt that the fact that this is a positive phenomenon can not be ignored. From this perspective, the industrial capital of concern that the time has come, investors should be fully prepared ahead of time. Second, the industrial capital of the characteristics of the M & A From the most recent being the object of Jupai, we have the following characteristics can be found. First of all, the major shareholders holding less, four of all shares held less than 20%, and the market value of a very small stake, respectively 080,000,000 -1.5 billion or so is very vulnerable to takeover. Second, the subject must have at least recognized the value of industrial capital, mainly in the industrial capital of the industry chain, logistics and business in the Bohai Sea for the city, we have no doubt that these companies are owned by geographical location and the value of property assets Higher than the current market value. Third, the industrial capital concern which M & A opportunities The main strategy is to promote the value of industrial capital or M & A buy-back of the main objectives of the relevant factors, but also by the industry are often irreversible strategic objective of capital of listed companies and the unique resources of almost irreplaceable by the decision. Unique resources are often the primary objective of mergers and acquisitions, such as real estate, commercial chains, such as some types of mineral resources, which have often irreplaceable, the other tried to enter the industry in the field of industrial capital was about to be or to cut through the acquisition of its assets Basically can not reset. And has the resources to occupy the major shareholder of almost not to give up, it may buy back shares to take control of the way. These may include: the retail business: regional, local commercial retail business, if the stores have more resources, industry in general high cost of replacement if the management is even more vulnerable to a strong mergers and acquisitions. Real estate, investors concerned about the abundant land reserves of small and medium-sized real estate enterprises, a better location or industrial parks or factories, industries in general have a high replacement cost, simple and difficult to estimate. Coal, as an important upstream resources, coal has become involved in coal chemical industry, electric power to improve the industrial chain of strong measures, and have the typical irreplaceable. Of course, the holding of state-owned coal enterprises mergers and acquisitions more difficult to occur, but private shareholders control of the small and medium-sized listed coal companies with good M & A value. There are other unique assets with the value of the industry, can also be taken into focus. Also in the real environment, such as the well-known brands such assets are almost non-replacement or replacement cost is very high, also belong to the M & A's primary goal. Brand value has unique characteristics, the higher the share of the brand, the industrial capital for the purposes of (mergers and acquisitions and buy back) the greater the value of this in the consumer goods industry in particular, high-end consumer goods industries are particularly important.

Britain, France and Germany the main stock index dropped

Investors continued pessimism about the London stock market, 21, "Financial Times" 100 Share Index finally closed at 3780.96 points, 94.03 points more than in the previous session decline, a drop of 2.43 percent. The first indicator index rose after the fall, after the post is a straight line down. This week the index fell a total of 11%, from the beginning until now, or a total of up to 41%. Analysts here said that the United States, Citibank's share price has been down the past few trading days in a row, in order to save themselves, the bank may be forced to sell some of the main business. This situation prompted investors to sell quickly in the hands of a risky stock assets. On the same day, pharmaceutical stocks have been hit, Britain's AstraZeneca down 8.7 percent, the highest in the wind vane on the top of the first decline in the index, GlaxoSmithKline also decline as high as 6.94 percent. On the day of metal futures prices rebounded, boosted mining stocks. Wei Tadan India rose 16.05 percent, the highest in the index or wind vane on the day of the first list. Investors, the government plans to rescue the bank is still optimistic about, so the bank stocks continue to rebound. Royal Bank of Scotland rose 3.04 percent, as its shareholders have agreed to accept aid from the funds. Barclays Bank was up 4.31 percent, as the bank is a major shareholder - the British law-insurance company agreed to its financing plan. On the same day, two other major indexes in Europe also continue to drop. Paris, France CAC40 stock index to close at 2881.26 points, 99.16 points more than in the previous session decline, a drop of 3.33 percent. Frankfurt, Germany, stock market DAX index closed at 4127.41 points, than in the previous session down 92.79 points, or 2.2 percent.

From the big cattle to Bear What have we learned

From 2007 to the present point in 6100 of 1,700 points, 4,000 points Taicuo. In the meantime those who insist on holding the stock, most of them have varying degrees of loss, and some are even close to a loss of as much as 8. The stock market, we learned? "Do not try to catch the whereabouts of the knife." This is a well-known Wall Street, which advised investors not to rush to market volatility or a sharp drop in the stock market. Because it was difficult to accurately grasp market trends, have experience in the hands of Trader handle even difficult to accurately measured, more new admission was inevitable, "the whereabouts of the knife," the injury, to be the last to bear the loss of a scapegoat. And over the past year, A shares fell every time people have to play the game hunters, with the result that the more the more deep-set. The stock market is not a teller machines. From 1926 to 2001, the U.S. stock market compound annual rate of return is 10.7 percent, net of taxes and inflation, the figure was only 4.7 percent. As a result, the year is expected to return more than 20% of the investors almost doomed to disappointment. Is the loss of valuable courses. Jing Yan saying the stock market: only a few major bear market of baptism, investors can become mature. Niuxiong the turn of the stock market will always be normal, just like the stock market ups and downs of the seasons change. A person must be a real loss of funds in the stock market, the market can learn to correct way. From the mistakes of experience to draw lessons from the experience of others than to be much more profound. Jane's Road to the stock market was not much to imagine the complexity. As a practical matter, investors can more easily grasp a set of investment philosophy. But it is difficult to adhere to life. Buffett's investment philosophy is not difficult, but there is only one of the world Buffett, because Buffett year after year to their investment philosophy, and eventually people into shares of God.