Editor's Note: Recently, Liu Jipeng of China University of Political Science and Law, China University of Science and Technology Zhao, Beijing University with LU Kai 10, and other well-known from Professor Gao Xiaodi through this newspaper, signed a letter to the relevant state departments, "should be the revitalization of As the stock market to restore confidence and implement measures to dozens of entry points "to the relevant central ministries, commissions, will put forward six specific recommendations, including the establishment of the stock market stabilization fund, the state foreign exchange investment sector to use foreign exchange reserves to buy H shares, and so on.

Central Committee and State Council announced a 4 trillion of the 10 measures of expanding domestic demand, domestic support and from all walks of life in general spoke highly of the countries in the world, as Premier Wen said, "confidence is more important than gold," We have to restore confidence Has been a valuable one. However, the "disease to come down the mountain, to disease, such as spinning," the current market confidence in the stability of the foundation is not solid, the 10 specific measures to implement the more difficult. We still need to firm policy and the introduction of further institutional innovation, and ultimately to expand domestic demand to deal with the current international and domestic economic situation complicated. Here, the following policy suggestions.

I, as an entry point for the revitalization of the stock market

this round of expansion of domestic demand in 1998 and the last round of expansion of domestic demand than the domestic economy have taken place in the larger context of change. China increased by three times the total GDP, the total amount of funds needed even more in income and property income in the rising share of economic development has entered the scientific concept of development and the livelihood of the people of the times, how to ensure the quality of expanding domestic demand growth is even more severe Challenge. At the same time, China has entered the era of financial and economic capital, financial and capital markets on the economy and has been a huge difference from the last round of expanding domestic demand and should have the last round of similar initiatives in the area of the real economy, but also add all - The new modern financial management and capital market intelligence. As a result, the implementation of the 10 should adhere to the policy: (1) the real economy and financial economy; (2) Bank of indirect financing and direct financing combined with the stock market; (3) corporate bond financing and equity financing to combine; (4) guarantee funds The symptoms and root system of combining innovation; (5) quick short-term measures and long-term strategies. For this reason, in our view, should be to revitalize the stock market as a restoration of confidence in the market and the entry point for the implementation of the ten measures.

Second, the source of funds from the project to control the risk of

the implementation of the ten measures alone Development and Reform Commission approved the project, the state's debt and financial investment as a major source of funding is not enough, as voted by project basis, public And a higher proportion, from past experience are often even less to go back to the multi-way ticket, and over-reliance on bank credit and the existence of systemic risk capital in 2004, listed commercial bank restructuring, "Beishuiyizhan, to succeed, and failure can not be" absolutely Department of Health closed to avoid danger. As a result, from the next three to five years or even longer period after the vote to determine the project's repayment ability of potential risks. In today's expanding domestic demand while economic growth of tomorrow's intrinsic quality attention. As a result, the project of expanding domestic demand should be the source of the funds needed to control the risk of the project. Implementation of the state funds set up the stage, the capital, foreign banks and credit funds act in an opera approach to stimulate private investment in energy. This is to reduce the Government's financial and banking risks and improve investment efficiency considerations, but also the investment and financing system reform. Judging from the current 60 trillion of the total assets of the bank, close to 20 trillion of household savings in urban and rural areas and 15.7 trillion of bad bank loans, as well as nearly 2 trillion dollars of foreign exchange reserves and other financial figures, China's financial conditions of liquidity Is adequate, non-governmental funds will be sufficient. And the non-financial direct investment into the area, to revive the capital market is of particular importance.

Third, the stock market rebound could encourage the expansion of domestic demand,

consumption is an important part of expanding domestic demand, it is necessary to expand consumption should increase people's income, and increase people's income, not only through the wage increase in labor income, through the development of tertiary industry Increase in operating income through tax cuts, subsidies and social security to increase financial revenue and, more importantly, we should increase the income of residents of the property as a priority, and to raise the income of the property of the residents have to boost the capital market. However, from October 2007 to October 2008, the total market value of the stock market has lost more than 70. Since 2008, people's income growth fell faster than the GDP growth rate fell in the first half of the residents only real income growth is only 6.3 percent, equivalent to about 2007, an increase of 12.2 percent of the half. China has most of the spending power 80000000-1 billion in the emerging middle class into groups, in fact among the stock market crash. Stock market on consumer income and a great impact. The stability of the stock market can play a pick-up and boost confidence, stimulate consumption to expand domestic demand an important role.

Stock market is not only a country's economic, social and political situation in the barometer of a country's social stability is the most sensitive monitor the situation. The stock market downturn and, on the side of expanding domestic demand should not be underestimated. First of all, due to the loss of function of the stock market financing, to start domestic demand to promote economic responsibility will fall on all financial and commercial banks, will have on the financial and banking and financial systemic risks. Second, China's real economy will lead to the main - listed companies into a vicious circle. As a result, the implementation of the ten measures on the stock market should be allowed to start the drive to become both consumption and investment as well as to mobilize private investment to adjust the economic structure of the industry and an important force.

D, economic rise of an inevitable choice for the revitalization of the stock market

China's economic rise is a natural strategic choice. At present, China's financial development and the level of both the United States and far between, if the United States is a virtual financial bubble too much, then China's financial and economic development is also a serious shortage, especially in stocks, bonds and so on the basis of varieties of the capital market, Can not meet the economic development of direct financing an urgent requirement. The results of this financial crisis is bound to accompany the new international division of labor and order, from China to the developed countries in the low-end manufacturing workers rose to the financial services sector in the field of high-end, which also called for further efforts to develop capital markets By improving the core competitiveness of financial seek emerging market countries in the international financial order in the initiative. Financial markets in particular, to revive the capital market in China's economic rise of the great all-round mark.

V, it is not difficult to activate the stock market

China's stock market has experienced more than a year of the long bear market, but the performance of listed companies on behalf of the fundamentals have not fully go bad, start the stock market is not lack of funds, and From the people involved in the characteristics of the stock market, the stock market compared to the other to start the policy of expanding domestic demand with a minimum investment, the effect of the fastest, most effective. Start the stock market will quickly bring the real economy to the prosperity and confidence in the recovery. Recognizing that the stock market as long as the activation of the necessity and urgency and to take measures to remedy the system, out of the stock market around the plight of the weak is possible. The key is not to miss this year's fourth quarter strategic opportunity to miss this opportunity, once the annual reports of listed companies to disclose the results have fallen sharply, and more will be caught in a passive position and pay a higher price.

Six, the size of the stock market is down the main cause of non

activate the stock market is the key to lock the main reason for the current stock market decline, the right medicine. China's stock market over the past year fell by more than 70%, far exceeding the U.S. stock market fell nearly 40% of the range, we believe that our country is the main reason the stock market fell in exogenous and therefore is not; due to the macro-policy reason has been resolved, and the stock market itself " Non-size "and" limit the size of "institutional shortcomings so far has not been eliminated. At present, the stock market, "the size of the non-" and "limit the size of" a total of up to 1,180,000,000,000 shares, more than twice as many shares the two cities but also more. The size of the problem is not only non-significantly changed the relationship between supply and demand of the Shanghai and Shenzhen stock markets, and changes in the market valuation of the system, even if the stock market dropped 1,000 points, which a dollar or so low-cost stock and still make a profit. 1,180,000,000,000 regardless of the limited sale of shares in the real world will flow to investors are hanging over the head of a "Damocles sword" for market confidence and liquidity are deadly threat.

Seven, non-self-locking, non-small partition

address the" non-size "(including the sale of restricted shares, the so-called" limited size "), the key is to use price to replace the lock to lock time, the specific expression for" non - Self-locking, non-small partition ", the disclosure of" non-small "flying" non-small. " (Large-and small-holders is based on a company's shares if the company more than 5% of the total share capital divided.) It should be noted that this is by no means non-tradable share reform of the negative, and that is the split share structure reform to improve.

(1) the so-called "non-self-locking" refers to the majority shareholder in the voluntary general meeting of shareholders will be held on non-tradable shares to lock in a pre-set minimum price, only higher than the selling price will be, and The price specified in the media, made public by the Stock Exchange of quality. Participants in the voluntary, self-locking since the price, the price set too high, the stock price will be high; low prices, stock prices are low; not participate in the share price on the do not.

Operation, the SASAC, the Ministry of Finance to coordinate more than 880 state-owned industrial and financial categories listed companies, the Securities Industry Association was initiated more than 700 other non-listed companies for their active participation. Securities and Futures Commission only made a "major shareholders of listed companies to encourage the use of self-locking way to lock the price major internal notice," a clear expression: in the next 3-5 years for large non-self-locking of the refinancing of listed companies to give the green channel approval And based on the self-locking non-disclosure of the chronological arrangement. In the last month of the year, with the conditions and the voluntary participation of each listed company through a shareholder's win put the motion is entirely realistic.

(2) for "non-small partition" means in our country as a result of more than 1,600 listed companies in the share capital of 500,000,000 shares of listed companies over the last 500, and 500,000,000 shares of 5% of the shares as high as 2500, Therefore, non-small is not small. Can be held by the same company's non-tradable shares and more than 500 million shares were classified as "non-small", following 500 million shares are classified as "small, non-small" divide and rule. Disclosure of the so-called "non-small" means to be sold on a "major non-small" must be disclosed in advance. Refers to the specific: in the next month, "the non-small" to sell the shares more than 200 million shares, ahead of schedule to be 5 trading days prior disclosure. So that shareholders have the right to know, to maintain market stability. The release of "small-small" refers to fully open.

Eight, the stock market stabilization fund set up

innovation system is to activate the stock market's long-term strategic choice. China's stock market fell and the U.S. stock market is not the same reason, the city put out a method can not simply follow the U.S. rate cut, tax cuts, capital injection. China's stock market is not a lack of money, but investor confidence in the market and institutional innovation. Ten to implement policies to boost the stock market, the relevant central ministries, commissions, will also be specific security policies and institutional innovations on the development of corresponding measures. This proposal are as follows:

1, the proposed introduction of state-owned sector, "the stability of capital markets, state-owned listed companies to play a leading role in the shareholder's guidance," the state-owned listed companies to allow shareholders to become a stable capital market and an important force. Specific: the state-owned listed companies to major shareholders and stability in the capital markets play a leading role in promoting and encouraging the use of its price target rather than lock-time self-locking non-major, if necessary, to encourage buy-back. Stressed that major shareholders of listed companies of the state-owned shares to reduce the forecast and pre-approved system.

2, the proposed introduction of the securities regulatory authorities "to promote a listed company executives option incentive plan," which refers to the so-called incentive options given to executives of listed companies within a given time, according to an established set amount of the purchase price of the stock incentive system , The only stock to rise, executives of listed companies in order to become beneficiaries. This establishment of a "boss" and "steward" of the stock checks and balances, the size of the non-binding led to the stock price fell. Option C is a non-financial derivatives, but to mobilize the enthusiasm of business operators in line with the international norms and China's national innovation system.

3, the establishment of the stock market stabilization fund. Some of the developed economies of China and the Hong Kong Special Administrative Region have established and the use of stock market stabilization fund. Stabilization Fund to stabilize the market as a tool in the future will be a long time, help alleviate panic selling of stocks and non-rational, and other overheated stock market could not overcome their physical defects. In the face of the stock market fell depth and size of the non-pressure, we believe that the early establishment of a good set up than later. With regard to its sources of funding could be considered by the split share structure reform, in particular after 2007 since the levy stamp duty on stock transactions, what is taken from the stock market should be used on the stock market. The main investor is to convey the Government to maintain a clear signal of long-term stability of the stock market and confidence.

4, suggested that the state foreign exchange investment company and the strategic focus from the United States to Hong Kong, the purchase of lower prices and better quality of the current H-share companies, the deployment of about 50,000,000,000 U.S. dollars of foreign exchange in the Hong Kong market to absorb H shares, and its significance: (1 ) To defuse the risk of foreign exchange reserves; (2) know the root Zhidi, risk control, and in the hands of policy instruments to ensure that increase the value of state-owned capital; (3) Weiweijiuzhao, to meet its international commitments, Jintuiziru; (4) of Hong Kong to hold the "bridgehead" , Blocked on the outside of the financial crisis on the A-share market panic transmission is conducive to stability in the A-share market.

5, the National Development and Reform Commission recommended the introduction of "on a number of monopoly industries to private and foreign investment and opening up policy," such as the power grid at the county level joint-stock reform, education, health, medical and cultural industries in the field of administrative examination and approval to relax the control and cut into the industry Policy, further opening up to attract private and foreign capital.

6, the China Banking Regulatory Commission recommended the introduction of "joint-stock banks to support the county's policy of" small and medium-sized banks to relax the ban into the policy in 2009 to engage in 300, after expanding, not only to resolve difficulties in financing for small and medium enterprises, large state-controlled prevention The risk of the banking system, increasing domestic demand for funds to implement the provision of financial and institutional guarantee.

Nine, to do everything possible to start the fourth quarter

We expect the stock market: the current round of the Chinese economy in general should be in the order, (1) in the fourth quarter of 2008, the proactive fiscal policy and moderate monetary policy to start preliminary and do everything possible To start the stock market; (2) in the first quarter of 2009 after the start of large-scale investment; (3) in the third quarter of 2009, China's economy bottomed out pick-up; (4) 2010 real estate market, and a Chinese economy has entered a full recovery. In the fourth quarter of this year, the stock market must start to realize it can be said that this is the key to economic recovery, the prerequisite and starting point. If the ideal way to achieve this process, China will certainly become the current round of global economic recovery in the first winter in the country, China's economic and financial global influence will be greatly enhanced. Cheng called "more difficult and prosperous," We believe that the Chinese government will be able to finance a modern economy and modern way of thinking to integrate the current strategic policy of expanding domestic demand, led by the Chinese people towards a more brilliant tomorrow!

(Author: Liu Jipeng of China University of Political Science and Law; Zhao, China Science and Technology University; with Lu Qi, Beijing University; Wu ball, the People's University of China; Cao Fengqi, Peking University; Qiang, Central University of Finance and Economics; Zhong Wei, Beijing Normal University; Yuan Gangming , Tsinghua University; rock gold, Shanghai Jiao Tong University; Qiyu East, the capital of Economic and Trade University.)

Source: Net -