Where Is The Excitement Of MSCI'S Frequent Financial Regulatory Policy?

After "four more" efforts, MSCI finally accepted China.

Some people say that only 0.73 of the weight "what can be proud of"? But I said, this is just the beginning. If it is really high weight, can the liquidity of A shares be allowed? So far, the A share market in China is still a typical retail oriented market. In addition to the Big Mac super listed companies, billions of yuan into the general stock market, even if it only trades 10 million shares, the impact on the stock price will be great. How can we face the capital scale of more than US $10 million behind MSCI?

2 therefore, to make the A share market truly become an international stock market, we still have a long way to go. At least we need A stock market to have a more healthy financial environment. We need the quality of Chinese listed companies which are recognized by international investors. We need the A share market to have a richer trading mechanism and resist greater liquidity shocks. We need the A share market to have a more precise and rapid regulatory means.

And so on and so forth.

We must be fully aware of the fact that

It is a double-edged sword. International investors can express their trust in the A share market, and they can also cast their vote of no confidence.

Therefore, all participants in China's A share should not be excessively excited about this. It is imperative that we do not need to insist on it, and that we may need more reason, recognize ourselves, adapt ourselves to the future and adapt ourselves to the future.

Is it exciting to join MSCI? Of course not.

Actually, I am very excited by this.

As we look forward to Shanghai Hong Kong Tong and Shenzhen Hong Kong through, it is not because of the amount of incremental capital it can bring to A shares, but more importantly, it means that China has confidently joined the contention process of international industrial capital and equity capital.

Through Shanghai and Hong Kong through,

With MSCI as a platform, China will learn faster and learn more about international industrial capital and equity capital.

At the same time, China's ability to win the game is crucial to China's economic innovation and supply side structural reform.

But don't think we can win if we do.

We have been paying close attention to the trend of international commodity and financial markets. The results of long-term observation tell us that after the financial crisis, when the developed countries once again believed that "the real economy in a country's economy is too small to avoid the financial crisis", the contention of global industrial capital and equity capital is becoming increasingly fierce.

In fact, the economic background of globalization, isolationism, slender uplift and extremely loose monetary policy, including Trump's election as president of the United States, is "re industrialization".

Because in the process of "re industrialization", governments must protect their own market more. They need to stimulate investors' risk preference with very low interest rates, so that they can generate more equity capital, thus creating a good commodity market and financial market environment for the development of the real economy.

Therefore, we must soberly realize that this is a big game of international capital game. No matter policy means or tactics means financial means, public opinion guidance, even military disturbances, and the falsity, falsehood, trueness and falsehood in this process, the struggle for all directions will eventually be reflected in capital struggle, especially the contention between industrial capital and equity capital, and its intensity is unprecedented.

Therefore, is China sure to win? This is a question mark, and it is also the key to China's constant call for China to carry out the "financial supply side structure reform". We need more capital generating financial markets instead of more financial markets that generate currency speculation.

Unfortunately, over the past few years, China's financial direction has run counter to the general trend of international finance.

Therefore, we must change immediately.

By buying long-term treasury bonds, pushing up long-term interest rates, and pushing down lending rates linked to long-term interest rates, it encourages investors to buy high-risk assets, thereby promoting asset prices such as stocks and guiding funds to invest in long-term investments, thereby promoting economic growth.

At present, the recovery of the US economy and the reduction of the scale of the balance sheet are the natural measures for the Federal Reserve to withdraw from quantitative easing measures.

Raising interest rates and shrinking the scale will enable the fed to tighten market liquidity in a more balanced way, and will allow the Federal Reserve to continue to expand its space in the future economic downturn.

This passage affirmed the effect of "twisted operation".

A very important monetary policy reform, but why can't we learn from China? Is China not a country based on the real economy? Sheng Songcheng and ERON also tell us: after a long period of monetary policy operation, the US money multiplier dropped from 8.93 times in 2007 to 2.98 times in 2013.

This shows that the US financial leverage ratio has dropped sharply, and now China's currency multiplier surpasses the US and has reached a record 5.3 times. This is the key to China's high financial leverage.

Therefore, we earnestly expect the Central Bank of China to "shorten the length of the operation".

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