The post -epidemic era China Capital Market: Risk, opportunities and prospects
June 16, 2020 09:47 Source: "China Social Sciences" June 16, 2020 Author: Chen Xin

During the epidemic,major global economies have introduced major market rescue and stimulus policies,Inject liquidity to the market,Help the market recovery from panic mood。Although the government’s active rescue can avoid short -term liquidity diffusion into a systemic financial crisis,But this epidemic caused the turbulence of the financial market through negative wealth effects、Credit contraction and other channels,The long -term negative impact on the global economy is no less than that of an economic crisis。Looking at it for a long time,The negative impact of the epidemic on the global economy and financial markets may even cause economic recession in the world。The post -epidemic era,China's capital market is facing consumption atrophy and insufficient investment、The import and export supply chain is blocked、Sino -US game expansion、High valuation Bet365 app download stock valuation differentiation、The lack of pricing rights in commodities leads to price fluctuations、The impact of major risks such as further imbalances of global debt; at the same time, it also ushered in the internationalization status of RMB、Attract the domestic assets of the allocation of multinational capital、Optimize the allocation of overseas investment、Promoting value investment、Improve market efficiency and other development opportunities。my country has passed this round of epidemic peaks,Other countries that are still seriously affected by the epidemic。On the one hand,While my country controls the input of an epidemic overseas China,Work hard to restore normal production order,Guarantee normal operation of the international supply chain,Meet the needs of international anti -epidemic supplies; on the other hand,The spread of the global epidemic provides opportunities to improve China's international environment and confrontation against globalization in a sense。

The spread of the global epidemic not only brings greater risks to my country's economic development,bet365 best casino games It also provides development opportunities。With global economic finance entering the turbulence period,Systemic risk cannot be eliminated。other,Due to oil prices and the plunge in the global stock market,Financial institutions once faced dilemma such as liquidity exhaustion and credit tightening,The global economy is on the edge of the financial crisis。How to resolve the downward pressure faced by our country's economy,Depending on the means we respond,。The method of preventing risks in preventing risks is to effectively improve my country's real economic efficiency,Improve the potential growth rate of economic growth,Promoting the high -quality development of the capital market is the "beef nose" that improves the measures of real economic efficiency。

First,China will face a long -term low interest era。2019,Higher US dollar interest rate attracts a large number of international arbitrage funds to flow into the United States,Instead of trade war between China and the United States, the pressure of my country facing the depreciation of the RMB,So that the bet365 Play online games central bank's interest rate reduction space is not large。After the epidemic,The decline in oil prices and zero interest rates of US interest rates means that there is still a large amount of interest rate reduction space in my country。Future,my country's economic development will enter the long -term track of low -speed growth,The high leverage of the state -owned department has a strong rigidity。In this case,In order to alleviate the stress of the huge debt interest on the state -owned sector,In the long run, my country's interest rate will be at a lower level。This will improve the operating efficiency of the state -owned departments in my country,Laying the valuation risk of resolving huge housing assets for time。

Second,Low -valued listed companies have efficiency and improve space。Current,A large number of blue -chip stocks mainly based on state -owned controlling enterprises are in the historical bottom area with a lower valuation,Have more efficiency to improve space。Many companies have cash flow charging,Good profitability,Just due to institutional reasons,bet365 live casino games Its value and efficiency failed to be fully exerted。Promote the reform of the system and the mixed reform of state -owned enterprises,will improve company governance for low -valuation listed companies、Improve efficiency,Release potential value。

third,Finance has gradually changed from "land finance" to "technology finance"。2019,Information transmission、The GDP of the software and information technology service industry is 3.3 trillion yuan,The growth rate is 18.7%,is the most dynamic department in my country's economy。The country's 5G infrastructure、Big Data Center、Artificial Intelligence、Input of "new infrastructure" such as the Industrial Internet,It helps to promote the rapid development of my country's future information technology industry,After the cultivation period, you can contribute to the country's fiscal strength。my country's finance will gradually change from "land finance" to "technology finance"。

Looking forward to the future,The post -epidemic era when the uncertainty risk is strengthened,my country's economic structure bet365 best casino games upgrade must shift from a bank -based financial system to relying on the re -distribution of resources by the capital market。Academic Studies Digesty,Improvement of investor protection will bring a reduction in the risk of capital market。The post -epidemic era,Can my country resolve major risks through the high -quality development of the capital market,It will depend on my country's determination and strength to further deepen the reform of the capital market。

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(The author is a professor at Shanghai Advanced Financial College of Shanghai Jiaotong University、Doctoral supervisor)

Editor in charge: Zhang Jing
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