(Economic Observation) The capital market has become an investment highland under the tone of "housing and housing, not speculation"?
China News Online, January 11 (Gao Zhimiao) Real estate has always been a topic of concern to the market. "Real estate, not speculation" is also China's emphasis on market development positioning. Under this tone, will the capital market become an investment highland?
Experts gave their views at the 2021 China Chief Economist Forum Annual Meeting held here.
"We are now slowly creating a relative'positive cycle', which is to insist on housing and not speculation. Due to cultural reasons, ordinary people's real estate allocation seems to have natural attributes, so two-thirds of our total assets are in the house. After insisting on housing and not speculating, we can gradually correct this habit and allocate more funds to the capital market." Dacheng Fund Chief Economist Yao Yudong told a reporter from Chinanews.com.
Liu Yuhui, a special economist at Tianfeng Securities, also said that the current stock market is a bull market, but it is just a "newborn."
"This is all obtained after the capital market basic system reform was initiated in 2019, but this bull market is not the'China Securities 1000' trading bull market that retail investors dream of."
Photo courtesy of the organizer of the China Chief Economist Forum Annual Conference 2021 China Chief Economist Forum
Shen Minggao, global chief economist of GF Securities, also pointed out that the formation of a new development pattern of "dual cycles" will also bring great opportunities to China's capital market.
"The internal circulation of the real economy will actually drive the external circulation of the capital market. When the autonomy of the return on RMB assets increases, the inflow of capital will also be smoother. This will affect the future two-way circulation of cross-border capital and the internationalization of Chinese financial institutions. Is an opportunity."
According to Song Xuetao, chief macro analyst at Tianfeng Securities Research Institute, various capital market reforms include the establishment of a science and technology innovation board and a pilot registration system, implementation of the registration system, improvement of the quality of listed companies, speeding up the implementation of the delisting system, and residents' "deposits moving" And so on, basically point to the capital market entering the quality-driven Longniu and Slowniu.
Value investment is always an important direction indicator of the capital market.
Hong Hao, chief economist of Bank of Communications International, said that starting from the second half of 2020, value investing has "returned the king."
"This is not only manifested in the value sector of the market starting to significantly outperform the growth sector, but also in the overall market's recognition of value investment is heating up."
The capital market to attract the transfer of savings funds is basically through the development of the capital market itself, and adhere to the nine-character policy of "building a system, non-intervention, and zero tolerance".
"If our market can bring reasonable returns to investors, its attractiveness will naturally gradually increase. What we fear most now is that investors are immature and irrational, which may affect the healthy development of the capital market." Shen Minggao said.
Yao Yudong emphasized that under the premise of "no real estate speculation", investors choose investment products according to different risk levels, and more and more residential assets will be allocated to the capital market in the future.
"I am optimistic about China's equity market. In the future, we have entered the'Golden Decade' of the equity market, but I hope to go with the slow bull, not the fast bull, nor the mad bull. Only the slow bull can move forward steadily." (End)