The Chinese regulatory authorities are guided by the window to allow some public funds to avoid net sale of stocks.This is the latest action to stabilize the market to stabilize the market based on the weekend's release of a series of favorable policies on the weekend.
Administrative intervention plus the China Securities Supervision and Administration Commission on Sunday (August 27) announced by half -stamp duty, tightening listing, restrictions on holdings, and other measures. The Chinese stock market rose the next day.The Shanghai Stock Exchange's comprehensive stock price index and Shenzhen Stock Exchange's ingredient stock price index on Tuesday (August 29) increased by 1%, of which the GEM closed up 2.82%.
In the past two days, in addition to the opening of more than 5%on the first day of the first day, the rest of the time has not increased much, and the north -directional funds have been separated from the index again.manner.
According to Bloomberg, anonymous insiders said on Monday (August 28) that some stock exchanges were guided to several large public funds to guide them to avoid selling stocks in a single day.
The two headquarters headquarters in Guangzhou and Beijing confirmed to Lianhe Zaobao that they received suggestions from the regulatory authorities, hoping that they would "support and maintain market stability within a period of time.According to the Securities Times, in the second quarter of this year, the net asset value of China's public fund exceeding 27.37 trillion (RMB, the same below, about S $ 5.08 trillion), of which the size of the stock fund reached 2.45 trillion yuan.
Xie Dongming, director of the Research Director of the Greater China Bank of Overseas Chinese, told the United Morning Post that restricting public offering of public funds is equivalent to reducing market supply and has a certain role in stabilizing the stock market; but it is a temporary intervention measure, not a long way.
He believes that the main purpose of the recent administrative intervention and favorable policies is to stabilize market sentiment to strive for more time and wait for the improvement of economic fundamentals.
Experts: Difficult to have large financial stimuli
China's economic recovery is lower than expected, while facing the risk of the real estate market crisis and government local debt high.In July, consumer expenditure, the profit of industrial enterprises and investment growth fell, and the stock market was also at a low point in the year.The Wall Street Journal said that so far, the government's stimulus measures are still small repairs and small supplements, and the effect is limited.
Bloomberg pointed out that the performance of the capital market shows that the market is more expected to adjust the budget and use fiscal deficits to stimulate the economy, such as the 2008 4 trillion stimulus plan.But experts believe that this plan will not appear this year.
Hong Yan, the chief economist of Sirui Group, said that the economy needs financial force, expand the deficit, and expand the table, but the government is likely to consume too much resources during the crown disease epidemic, so this year's policy needs to be ""No rice".
But he also said that the central government's balance sheet still has a lot of space, and the central bank can also cooperate with looseness to help economic recovery.
Jia Kang, a researcher at the Chinese Academy of Fiscal Sciences, predicts that there will be a series of policies next. For example, first -tier cities should have relatively clear measures for real estate market optimization, and monetary policy should also have space for interest rate reductions and ramen.Maintain such policy orientation.However, observation of fiscal policy, such as some people suggest that the annual budget adjustment plan, this year does not seem to have such a large adjustment.
Many investors feel that there are many macro policies in China this year. Xie Dongming said that too many government goals will confuse the market and investors.
Jia Kang said that the main idea of macro policy adjustment is to expand domestic demand, optimize structure, and connect high -quality development.The characteristics of regulation are the problem -oriented and targeted, and the general direction and attitude are clear.Many measures are now concentrated in solving short -term problems, but the long -term policy of adhering to the reform has not changed.
