During the epidemic，Major economies around the world have introduced major rescue and stimulus policies，Injecting liquidity into the market，Helping the market recover from panic。Although the government's active rescue can prevent short-term liquidity from spreading into a systemic financial crisis，But the epidemic has caused turbulence in financial markets through negative wealth effects、Credit contraction and other channels，The long-term negative impact on the global economy is no less than an economic crisis。Long term，The negative impact bet365 kentucky bonus code epidemic on the global economy and financial markets may even trigger a worldwide economic recession。Post-epidemic era，China’s capital market faces shrinking consumption and insufficient investment、The import and export supply chain is blocked、The game between China and the United States expands、Valuation differentiation of high-valued stocks、Lack of pricing power in commodities leads to price fluctuations、The impact of major risks such as further imbalances in global debt；At the same time, it also ushered in the promotion bet365 kentucky bonus code international status of RMB、Attract multinational capital to allocate domestic assets、Optimize overseas investment allocation、Promote value investing、Improving market efficiency and other development opportunities。my country has passed the peak of this epidemic，Compared to other countries still severely affected by the epidemic。On the one hand，While my country is controlling the imported epidemic situation，Strive to restore normal production order，Ensuring the normal operation bet365 kentucky bonus code international supply chain，Meet international anti-epidemic material needs；On the other hand，The spread bet365 kentucky bonus code global epidemic provides an opportunity to improve China’s international environment and fight against anti-globalization。

The spread bet365 kentucky bonus code global epidemic not only brings greater risks to my country’s economic development，Also provides development opportunities。As the global economy and finance enter a period of turmoil，Systemic risks cannot be eliminated。In addition，Due to the plunge in oil prices and global stock markets，Financial institutions once faced difficulties such as liquidity depletion and credit crunch，The global economy is on the brink of financial crisis。How to resolve the downward pressure facing our economy，Depends on how we respond。The fundamental way to prevent and resolve risks is to effectively improve the efficiency of my country’s real economy，Increase potential economic growth rate，Promoting the high-quality development bet365 kentucky bonus code capital market is the key to various measures to improve the efficiency bet365 kentucky bonus code real economy。

First，China will face a long-term era of low interest rates。2019，Higher US dollar interest rates attract a large amount of international arbitrage funds to flow into the United States，The intensified trade war between China and the United States and other factors have put our country under pressure to depreciate the RMB，As a result, the central bank has little room to cut interest rates。After the epidemic，The decline in oil prices and the return of U.S. interest rates to zero and other factors mean that there is still room for a significant interest rate cut in our country。Future，my country’s economic development will enter a long-term track of medium to low speed growth，The high leverage bet365 kentucky bonus code state-owned sector has strong rigidity。In this case，To ease the pressure on interest payments on huge debts in the state-owned sector，In the long run, my country’s interest rates will be at a low level。This will improve the operating efficiency bet365 kentucky bonus code state-owned sector in our country，Buy time to resolve the valuation risks of huge housing assets。

Second，Low valuation listed companies have room for efficiency improvement。current，A large number of blue-chip stocks, mainly state-owned enterprises, are in the historical bottom area with low valuations，There is great room for efficiency improvement。Many companies have abundant cash flow，Good profitability，Only due to institutional reasons，Their value and efficiency have not been fully utilized。Promote institutional reform and mixed reform of state-owned enterprises，bet365 kentucky bonus code improve corporate governance for listed companies with low valuations、Improve efficiency，And unlock potential value。

　Third，Finance is gradually changing from "land finance" to "science and technology finance"。2019，Information transmission、The GDP bet365 kentucky bonus code software and information technology services industry is 3.3 trillion yuan，Growth rate is 18.7%，Is the most dynamic sector in our economy。National support for 5G infrastructure、Big Data Center、Artificial Intelligence、Investment in “new infrastructure” such as the Industrial Internet，It will help promote the rapid development of my country’s information technology industry in the future，Can contribute to the national finance after the cultivation period。my country’s finance will gradually transform from “land finance” to “science and technology finance”。

Looking to the future，In the post-epidemic era with heightened uncertainty and risks，The upgrade of my country’s economic structure must shift from a financial system dominated by banks to a reliance on the capital market for the redistribution of resources。Academic research shows，Improving investor protection will reduce capital market risks。Post-epidemic era，Can my country resolve major risks through high-quality development bet365 kentucky bonus code capital market，It will depend on my country’s determination and intensity to further deepen the reform bet365 kentucky bonus code basic system bet365 kentucky bonus code capital market。

　　(Excerpted bet365 kentucky bonus code "Theory and Review" Issue 2, 2020)

(The author is a professor at Shanghai Advanced Institute of bet365 kentucky bonus code, Shanghai Jiao Tong University、Doctoral supervisor)