In order to stabilize the capital market and boost investor confidence, China officially launched a new round of stock market stimulus policies, including the establishment of new monetary policy tools, injecting at least 800 billion yuan into the stock market that is deeply trapped in the trough (RMB, the same below, 1465 1465Liquid support of 100 million).

Driven by a number of stimulus policies, the Shanghai Stock Exchange Index returned to 2800 points on Tuesday (September 24). The Shanghai Stock Index has achieved the largest single -day increase in more than four years.Scholars and analysts of interviewees pointed out that the stock market rebound showed a positive market response, but the long -term performance of the capital market still needs fundamental support, which remains to be observed in follow -up.

Pan Gongsheng, president of the People's Bank of China, announced on Tuesday that the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Finance Supervision have negotiated to create two structural monetary policy tools to support the development of the capital market.This is the first time that the central bank has boosted the capital market through structural monetary policy tools.

The first tool is the convenience of the exchange of securities, funds, and insurance companies. It allows qualified institutions to use assets such as bonds, 300 CSI ingredients stocks, and high liquidity from the central bank to government bonds and central bank bills.Assets, for investing in stocks, the first phase of operation is 500 billion yuan.

Another tool is a special re -loan, which guide commercial banks to provide loans to listed companies and major shareholders for repurchase and holding holdings of listed companies. The first period is 300 billion yuan.

Pan Gongsheng said at the press conference, "As long as this matter is done well, you can come again 500 billion yuan, or even get the third 500 billion yuan."100 million, even the third 300 billion yuan. "

Affected by factors such as economic downturn, insufficient confidence in investors, and foreign capital evacuation, the Chinese stock market this year continuous downturn , ShanghaiThe Shenzhen 300 Index and the Shanghai Index have been hovering at the low point in the past few days.

However, under the encouragement of the official favorable news, the three major stock indexes of China's A -shares returned on Tuesday.As of the close, the Shanghai Index rose 4.15%, the Shenzhen Stock Exchange Index rose 4.36%, and the GEM index rose 5.54%.The transaction volume of Shanghai and Shenzhen cities reached 971.3 billion yuan, a new high since May 20 this year, and 5,165 shares have risen.The Hong Kong Hang Seng Index has exceeded the 19,000 mark for the first time in the past four months and closed up by 4.1%.

The Chinese stock market also drives the Asia -Pacific stock market and the European stock market to rise. Among them, the MSCI Asia -Pacific index rose 1.08%, the pan -European STOXX600 index rose 0.9%, the French luxury brand LVMH, Hermes, Kaiyun, Dior, and Bobley rose from 4%to 4%to5%.

Analysis: The long -term performance of the stock market still requires economic fundamental support

Chen Bo, a specially -appointed researcher at Liaoning University, said in an interview with the United Morning Post that the Chinese stock market needs to be injected with funds."" ".

Xie Dongming, director of the Asian Research and Strategy of Overseas Chinese Bank of Singapore, also believes that the stock market stimulus measures of the Bank of China exceeded expectations and belonged to a relatively rare policy in the past.

As for whether the stock market can last, Chen Bo believes that the long -term recovery of the stock market reflects the economic fundamentals. "There is no fundamental support, no matter what kind of actions are used in the short term, it can only cause short -term fluctuations."

However, Chen Bo also pointed out that the short -term stock market rebound may also drive market confidence to improve, reflecting China's official changes in stimulating economic attitudes, and "may bring long -term reversal."

Xie Dongming believes that what the policy needs to do is to find the "animal spirit" back. After 800 billion yuan play the effect, they can continue to increase."Animal Spirit" is a term in economics and the instinct to guide human economic behavior.

Xie Dongming said that the funds injected by the central bank to the market will have a leveraged effect. "Once it can gather the dispersed sand reconstruction, in fact, the official does not have to pay a lot of money by itself, and the market will automatically keep up."Essence