Liu Jipeng Reflections aboard the stock mall brea

Liu Jipeng
5 30 evening returned from abroad, numerous medium friends absence to speak approximately the view, approve their hospitality, merely likewise reported fear of speaking incorrectly, simply jot to this article, are responsible because themselves.

to the introduction of fiscal policy to cool the stock market in this way is further most people anticipated. On the current China's stock market, government regulators, investors sagacity and investors generally have the following two points: First, China should vigorously develop the capital market, China's capital market in China in the future to improve citizen competitiveness elbow the massive responsibility People on the Chinese stock market confidence in the Chinese stock market will be better tomorrow. Second, this year China's stock market rose too fast, it is generally not worried about the rapid rise and rendition support the real economy, the bubble will burst in the 2008 Olympic year. To sum up, China not only need to vigorously develop the capital market, can not as they are now growing too fast to give the Olympic year of 2008 adversely.

is based on the on, people are faced with a general topic in array to ensure the healthy development of Shanghai and Shenzhen stock markets,Christian Louboutin Sandals, to make the current stock market from the This is the beginning point of our policy. Therefore, the policy-making should continue from the concern of the stock market, the stock market boom by and by, when inhibition, but also a means to avert redundant drop in the stock market is not customary. Whether soaring or fall, are not favorable to the healthy development of securities markets.

should be said that in view of China's stock market on this publish, since the split share structure reform has been represented to the Commission and the relevant divisions of the chief bank and the vast majority of the investors an unprecedented view of the same investors. Historically, the stock market's quick ascend is both artificially suppress the market since 2001 caused by the capital market alteration and compensatory growth of a tragedy, but not look, also marks an of China's political,Christian Louboutin Shoes, economic, social reassurance and wish for the future is to achieve a agreeable society, the people ran off an important aid and premises.

and this sudden introduction of large changes in the Ministry of Finance's policy rate of stamp duty was conceived to ensure sustained and healthy development of the stock market, but why investors provide people take it as the government changed the rules of the game, people way to suppress the stock market engage in a wonder bombard on the stock market does. The author believes that the introduction of this policy need to be improved in the following areas:

First, in the use of means, this is not by monetary policy, instead of using fiscal policy.

from a market economy and valid system we should build the information society and subserve open and transparent point of view, financial policy introduced to ensure the message is symmetric and equity issued by way of a sudden, and especially for financial policy social adjustment of interests of a chapter of the population policy should be through definite legal procedures. For example, proceeds tax and turnover tax adjustment of tax policy propositions after representatives of the parties is necessitated, demonstration, and the statutory procedures. The market trbring ... to an end the bubble just how many people are serious inconsistencies, the Ministry of Finance afresh in a few days ago the comrades have said will not change tax policy occur, the extra difficult for investors to investors to understand. The premier is the economic honesty of the market economy, and in our process of erection a socialist market economy, the government's regulatory and external diameter of the consensus of faith is the key to building aboveboard government.

Second, adjust the intensity, and is the

citizen tax policy re-adjustment of the economy has two purposes: First, to addition revenue, and second, prohibition of the overheated industry. But this adjustment from 1 ‰ to 3 ‰, the rate of increase up to twice as much as 1-4 months to disburse stamp duty according to the statistics of 400-500 million, according to trade estimates, this year's stamp duty will increase to 300 billion, and this China's stock market is just recovering from ailment, particularly our foreign brokerages are facing muscular competition later WTO context, it is impossible to recuperate.

gradient of China's reform success is the amenable and settled policy of reform and development, which is either 28 years from the success of China's reform experience, or from the Central Bank commute rate on the face of American oppression, firm on the basis of esteem for national circumstances, according to the direction of the market economy steadily, transform a successful example of China's financial reform. And to strike out the Ministry of Finance to ensure the healthy development of the stock market, like parents with a punch of Most families abandoned. In a sense, if not to increase tax revenue and only to the healthy development of the stock market, I would like to use, For example, some deputies intended to increase the stamp duty by a special motion and special conference on the National People's Congress, or by the Ministry of Finance to quest public opinions through the Internet, mail a whistle to the market. In the readjustment, and you might consider gradually adjusted from 0.5 to 1 in location, the same can be achieved this purpose. Rather than the stock market as a

Third, the timing of the introduction of this policy, people have seen, the Ministry of Finance buffet out the following background:

1, foreign investment banks generally sing the ventilation of China, in their decide the discrepancy of the stock market, the uncharacteristically out of the Chinese Government to suppress with heavy stock market.

2, as the United States two weeks ago, the result of the talks, the Chinese administration in corner the value of QFII from 100 million to 300 million as foreign investment banks who were indisputable arrows that 200 billion lines and act their utmost, no A few years antecedent no fewer than the index of Chinese companies listed on the degree of competition.

3, Hong Kong's Li Ka-shing and the United States have promulgated Alan Greenspan, is a serious bubble in China's stock market will crash forecasts.

4, of particular concern is the May 30 Taiwan's Chen Shui-bian and the DPP-controlled black green paper . Economic and political problems they are closely linked attach, a successful voting afterward year to pave the way for the DPP, but also pedal a wedge between the cross-strait economic knots, leftover no exertion to scatter rumors, this is their usual train. However, they mention, just like those from the Chinese stock market bubble in 1500 to sing too much space as the so-called economist, has repeatedly predicted that failed, but this time finally to Taiwan's Democratic Progressive Party and the scientists However, they are fishing in the

Fourth, the face of yesterday's stock market crash, we need to reflect. One reflection

, since policy-makers is not proposed to create an synthetic achieve of the stock market crash, but why there is such a conclusion. From a macro point of view, this and this administration to create a harmonious society, the purpose of promoting emergence of incongruous results,Christian Louboutin High Heels, otherwise we can not understand 17:30 last night, the central bank also issued on to Monetary Policy Report, on the future through the development of China's stock market is full of confidence to resolve the monetary conflicts and policy support.

reflection of the two, however we Li Ka-shing and Alan Greenspan predicted, no need also much care, because they do not understand China's citizen conditions, it was unclear how the Chinese stock mall has been inhibited from 2245 points to 998 points historical backdrop, they do no understand precisely because the stock market since 2001 to remedy inappropriate policies, resulting in 1,400 Chinese share prices of listed companies and great not the interests of shareholders and senior management linked, as well as listed companies in China, contains a colossal invisible of asset.

However, in turn, we'd like to seriously think the face of Greenspan in 1996, the U.S. stock market continues to climb, he said, except the words, violently broken bubble monetary policy, fiscal policy can not be secondhand to levy heavy on the stock market, until four years after the 2000 U.S. stock market bubble burst ecology. This should lead to the two of us thinking: First,Christian Louboutin Flats, why Greenspan saw the stock market's irrational exuberance rather than to stab it? Second, although Greenspan predicted the U.S. stock market in four years after the bubble burst, but the U.S. shareholders difficulty anyhow? U.S. capital markets remain strong today is not it?

Greenspan predicted the bubble, the bubble explosion, but not people, because human explosion the bubble, the bubble will damage no doubt, no benefit on the economy, and build some of the environment law of bubble along modifying 50% of the foam may also change from the virtual reality, a imagine come true. This namely the stock market virtual economy for China and world economy development and contribution of always the charm lies.

reflection of the 3, this is not the purpose of seal responsibility policy adjustment to suppress the stock market, but for the healthy development of the stock market, so the new stock market Therefore, and to attain this goal, merely to often adjust the intensity of the reins on it, preferably than the quickly ox break a leg, became lame cows and slow down, so just be a respite for the securities manufacture is difficult to regain.

reflection of the four,Christian Louboutin Boots, since June 2001, we use Based aboard the stock market does not have such one momentous character based aboard a explicit understanding, namely makes the individual's abroad holdings of state shares with the price of a direction to squeeze the spume in the policy a reality, give us a capital economic historical catastrophe. The courses of history ought not be forgotten.

Conclusion: In China's future development, we have to vigorously develop the capital markets fixed, construction, led by securities finance, capital market-based modern financial system. The healthy development of China's stock market is the instruction we are moving the market a key step.

adore for the gathering and the country,Christian Louboutin, out of the current government set up a harmonious society and achieving political, economic and social boom, the goal of universal well-off society firmly trust, out of a strong capital market system is to achieve its intent 2020 strategic objectives and cultivate their multinational competitiveness firmly believe in this vision, and wrote this article. The central bank issued last night, 17:30 to

(The author is instructor of China University of Political Science)