Capital market has been nineteen years, the development of China's capital market development priority should be explored in depth the way the capital market with Chinese characteristics. Our capital markets can neither be divorced from international financial markets, engage in closed operation, but also can not copy from the U.S. and EU mode, but at the same time adhering to reform and opening up the digestion and absorption of foreign experience, and carefully identified, while avoiding disadvantages, the development of capital markets with Chinese characteristics.
these years, we have established and the process of developing the capital market is focus on learning, learning from foreign experience, it is necessary and correct. However, this time from the U.S. That a Western economic theory, in practice there have been significant shortcomings in the financial heart of the United States - Wall Street, even instant collapse, there are three top five investment banks collapse, the two were forced to transition to traditional commercial banks; the three major rating institutions, in order to make money, in flagrant violation of professional ethics, and even the soul to the devil; often been touted by black-box operation.
the face of severe financial crisis, the US-led Western countries had to give a sermon that a free market economy, shift to a series of national mandatory policy intervention measures.
summary, We should have some economic theory on the West question must not be blindly worship, not copy, especially for those who suggested that China should implement the statements of financial market liberalization to keep a clear head, from the regulatory constraints of the so-called We can learn from the achievements of civilization created by human society and reflect the modern society of advanced production management methods and management methods, which are not the dregs of learning. Our capital markets can neither be divorced from international financial markets, engage in closed operation, can not copy from the U.S. and EU models, but at the same time adhering to reform and opening up the digestion and absorption of foreign experience, and carefully identified, while avoiding disadvantages, developing the capital market with Chinese characteristics.
from the establishment and development of capital markets in China practice , we must recognize that China's national conditions, according to Comrade Xiaoping's , whether it helps enhance the overall strength of socialist countries, and whether it helps to improve people's living standards. First of all, making comparison of domestic and foreign price-earnings ratio than the wrong object. Secondly, the blind comparisons with foreign countries in line, do not take into account the factors of China's rapid economic growth.
, for example, how to correctly grasp the value of the stock market to analyze and judge much-needed reality from China to study the criteria in line with China's national conditions. in previous years, China's stock market valuation on how to properly judge the discussions, many people in price-earnings ratio as the standard for analysis. I think, in that There are two errors in the discussion needs to be clarified. First of all, making the comparison between domestic and foreign price-earnings ratio than the wrong object. Some people put the U.S. Dow Jones index of 30 general price-earnings ratio of listed companies, without analysis, and China more than 1,500 price-earnings ratio of listed companies to force a comprehensive comparison of exaggerating the high price-earnings ratio of listed companies to mislead the majority of investors.
Secondly, blind comparisons with foreign countries in line, do not take into account the factors of China's rapid economic growth. Some people do not strictly the accumulation of scientific data and calculations, the letter I speak of the price-earnings ratio is often much higher than the actual, distorted the actual situation of China's capital market.
reasonable earnings level is determined by corporate earnings growth rate decision, China's stock market The price-earnings ratio is often higher than in Western countries, this is China's rapid economic development and rapid growth of corporate profitability decisions.
we can not say twice as high than in the West necessarily mean economic growth to overheating of the economy, as we can not say that twice the price-earnings ratio than in the West means that the Chinese stock market bubble to be serious. different market performance should be different, if we can continue to improve the quality of economic growth, further improve the profitability of listed companies, China's stock market remains higher price-earnings ratio is normal.
recent times, some people predict the future development trend of China's stock market, it is often the next period the growth rate of GDP may be adjusted directly come to the share price of the stock market is still To continue down the conclusions. This analysis is not convincing.
from the development of China's stock market practice, the factors that affect the stock market is complex, especially in countries to develop economic and financial policies may often be the stock market significant impact on the stock market to GDP growth with the change are often not directly related. For example, from 2001 to 2005, China's GDP growth rate is maintained at 10%, while the index never fell to 1000 points 2245 points, 2006 to 2008, the index was rushed to 6124 points, then fell to more than 1,600 points, while the GDP growth rate in the past few years there has been no major changes.
these facts tell us how to properly evaluate our the stock market, simply copy the foreign standard is not practical, it is necessary from China's national conditions, in accordance with the implementation of
Only by maintaining a steady upward development of capital markets in order to better play to the functions of capital markets can be conducive to the development of socialist productive forces and boosting the overall national strength, helping improve people's living standards.
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