The Introduction Of Registration System Has Broken Away From The Legal Track.

The market has been sorted out for more than a month at 3550-3650 points.

Seeing that China's stock market has been out of the stock market crash, the confidence of the majority of investors has been restored, and the market has become obvious.

After the stable stage and self repair stage, it was moving towards the reconstruction stage. The big crash on Friday, which broke 3600, 3500 points and two integers, swallowed the result for more than a month, easily breaking the second bottom 3537 points of the national rescue market and stabling 3412 points.

3373 points from the first big bottom of the national team to rescue the market, only one step away, quite a summer stock market disaster.

Why is China's stock market so fragile, fragile, vulnerable and unpredictable? I think this is related to a series of failures in recent management.

A few months ago, when the management summed up the lessons of the stock market crash, it announced publicly that the index would drop more than 5% in the future, and that it would use the fusing mechanism to stop the market and stabilize investor sentiment and maintain market stability.

When reviewing the stock market crash, the government

The time for withdrawal is 2-3 years and 7-8 years.

And all of them were reduced when the stock market returned to normal and strong trend, and after the withdrawal, the stock market trend remained stable.

However, data show that in October, the company has quietly reduced 20 stocks.

In November, people can often see that bulk stocks will be hung out through procedural pactions, evidently the reduction of gold companies.

This week, the securities and Futures Commission only allowed an internal notice to let the 22 commitments of 4500 brokerages in the early July to scrap the promise of "no less than 4500 points".

I think the alliance of brokers has a public commitment to the whole society.

Meaning is not allowed to be changed at will.

Even if the SFC's notice, even if it wants to change, it must publicly explain the reasons, and get the consent of the general public, there must be a time ahead.

This practice is very serious in law.

Since the beginning of this year, the National People's Congress and the securities management have repeatedly publicized that the premise of carrying out the registration system is to amend the securities law and go through the three reading procedure of the NPC.

This is a necessary procedure for a country under the rule of law.

In this regard, investing in the public is well known and fresh in memory.

However, from last weekend, the websites revealed a surprising news: the chairman of the securities and Futures Commission convened a small meeting last Friday to make a decision. The implementation of the registration system can not be modified by the National People's Congress on the securities law. Instead, it will be specially authorized by the State Council. There will be a saying in March next year. First, let's release the rhythm and release the share price.

For this practice of overriding the rule of law over the National People's Congress, the vast majority of investors are unbelievable.

The most important reason for this Friday's collapse is the strong reaction of the market to the registration system and voting with feet.