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January 6, 2024The 28th (2024) China Capital Market ForumIt was held in Chinese People's University. The forum was co-sponsored by the China Capital Market Research Institute of Renmin University of Chinese University and Guorong ** Co., Ltd.***, with special support from the School of Finance of Renmin University of Chinese, the National Institute of Financial Research of Renmin University of Chinese, the Chongyang Institute of Financial Research of Renmin University of Chinese University, and the editorial department of Review of Applied Economics. In the forum speech and discussion session, he was a national first-class professor at the School of Finance of Renmin University of ChineseWang GuogangKeynote speech on "China's Capital Market: Reform Priorities and Future Trends". The following is part of his speech, ** China-Singapore Jingwei on January 6. For a long time, China's market was seen more as a financing market than an investment market. This can be seen from the continuous growth of the scale of social financing and the balance of deposits of urban and rural residents. The influx of funds into fixed deposits reflects residents' high concern for the safety of their principal, rather than the pursuit of profitability.
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Wang Guogang, a national first-class professor at the School of Finance and Finance of Chinese University, delivered a keynote speech.
China's economy is entering a new stage of high-quality development. Invigorating the capital market and boosting investor confidence have become an important part of economic work. Although the effect of some recent measures has not yet been fully revealed, the importance of financial work has increased unabated, and finance is regarded as an important part of the country's core competitiveness. In this context, measures such as giving full play to the pivotal function of the capital market, developing diversified equity financing, and improving the quality of listed companies are effectively promoting the high-quality development of finance.
*As an important part of the capital market, its investment function is of great significance to the high-quality development of the economy. However, there are many factors that affect the investment function, among which the factor is particularly critical. The movement of stock prices is not only affected by multiple factors such as economy, politics, and culture, but is also closely related to variables such as dividends and interest rates.
At the same time, we also need to pay attentionFor a long time, China's market was seen more as a financing market than an investment market. This can be seen from the continuous growth of the scale of social financing and the balance of deposits of urban and rural residents. The influx of funds into fixed deposits reflects residents' high concern for the safety of their principal, rather than the pursuit of profitability.
In addition, China's structural problems are also worth paying attention to. Taking listed companies as an example, their total assets and net assets are mainly concentrated in traditional industries such as banking, while the proportion of technology companies is relatively low. At the same time, the quality of listed companies cannot be ignored. Although the regulatory authorities have made positive progress in rectifying market violations of laws and regulations, a considerable proportion of listed companies still have violations of laws and regulations.
In order to enhance the investment function of China**, we need to start from a number of aspects. First of all, it is necessary to correct the understanding of the best functionto clarify its important role in supporting the development of the real economy and high-quality development. Second, it is necessary to scientifically grasp the connotation and function of capitalto enhance the role of capital in promoting the development of modern science and technology. In addition, it is necessary to break through the limits of capital shares, to promote the formation of human capital shares and no par value, in order to improve the issuance registration system and trading mechanism. Finally, it is necessary to strengthen supervisionEstablish a compensation system for offenders to ** investors and form an effective market restraint mechanism.