Li Xunlei: The Finance Committee’s mention of reasonable and sufficient liquidity will be good for market stability
On May 4, the 28th meeting of the Financial Stability Development Committee of the State Council (hereinafter referred to as the Financial Committee) requested that all units of the Financial Committee improve the macro plan, create effective demand, optimize the supply structure, maintain reasonable and sufficient liquidity, and improve policiesQuality, pay close attention to policy consensus.Li Xunlei, chief economist of Zhongtai Securities, said in an interview with that the Finance Committee once again proposed to “maintain reasonable and sufficient liquidity” and reissue supervision. It is hoped that the financial industry and capital market can maintain reasonable and sufficient currency liquidity. For the financial industryAnd the stability of the capital market will be a plus.“从去年开始,政治局会议多次提出的‘六稳’的要求”,我的理解是,经济、金融要稳,对于资本市场要有底线思维,不能因为资本市场由于疫情影响出现大起大落、或It is a phenomenon of real estate ups and downs.”Li Xunlei said.”At the same time, we must maintain the replacement of housing without speculation, so that the economy can maintain stability,” Li Xunlei pointed out that the GDP data for the first quarter was negative growth and hoped that there will be a stabilization in the second quarter, “I want to continue to continue Taiwan ‘s positive fiscalPolicies and prudent monetary policies, and support such a stable situation through a series of measures including internal financial reforms. “In the past month, the Finance Committee has focused on the capital market three times. Li Xunlei believes that in the current economic downturn, it is related to the blockage of the global industrial chain and supply chain, and the epidemic situation is likely to be repeated. At this stage, it has repeatedly highlighted itself.It can stabilize the economy, stabilize the financial and capital markets, and give policy support.In the past, the maintenance of the capital market was basically dominated by individual departments, but now the members of the Finance Committee include a series of ministries such as the Banking and Insurance Regulatory Commission, the Ministry of Finance, the Securities Regulatory Commission and the Ministry of Public Security, which is conducive to policy authority and coordinationIt has played a positive role in maintaining the stability of the financial and capital markets.“The enthusiasm of fiscal policy can be expected at the meeting of the two sessions; in monetary policy, there should still be room for RRR cuts and interest rate cuts,” Li Xunlei said. “It may be due to the very successful prevention and control of the epidemic.Western countries have come a lot, but in terms of later policies, I think our efforts will be gradually increased.”The country has done very well in domestic policies, but the current overseas epidemic has adversely affected the global economy. As the world’s largest manufacturing country, we rely heavily on foreign trade for imports and exports.”If external demand drops sharply, then we may need to further promote internal demand through fiscal and monetary policies, while also advancing our reforms.”Li Xunlei thinks so.It is worth noting that the meeting of the Finance Committee once again clearly proposed to combat capital market fraud.The meeting pointed out that it is necessary to resolutely safeguard the interests of investors, tighten market discipline, and “zero tolerance” for counterfeiting in the capital market.Adhere to the principles of marketization and rule of law, improve the information disclosure system, resolutely crack down on financial fraud, insider trading, market manipulation and other violations of laws and regulations, and resolutely investigate and seriously deal with fraudulent listed companies, intermediaries and individuals.In Li Xunlei’s view, the implementation of the new securities law means unprecedented increase in the punishment for behaviors that violate the three principles of the market, such as fraud and inadequate information disclosure.The punishment for violations in the market has actually played a positive role in protecting the interests of investors and maintaining the long-term stability of the capital market.What angle can we take to further strengthen the supervision of the capital market?Li Xunlei suggested, “For the capital market, some innovative products may have some defects. In the future, we can further focus on product design and protection of investor interests. In fact, this can also promote the stability of the entire financial market.”The stock market will have some performance in the market outlook?Li Xunlei judged that under the trend of low interest rates in the bond market, bonds still have some room for appreciation, and overseas funds will also flow into the domestic stock market and bond market.The further opening of the capital market is expected to allow more foreign countries to flow into the A-share market.At the same time, the current estimated level of the A-share market is relatively low.In general, the entire epidemic situation is developing in a positive direction. The market reflects more pessimistic expectations. If the overseas epidemic situation can gradually improve, then the capital market will likely perform better.Sauna, Ye Wang Zhang Siyuan Editor Yue Caizhou Proofreading Li Shihui