On March 16, the financial stability and Development Commission of the State Council held a special meeting to study the current economic situation and capital market problems. Experts believe that the special meeting has transmitted a strong signal to maintain the healthy development of the economy and the stable development of the capital market, which will play an important role in stabilizing market expectations and boosting market confidence. A series of subsequent policies and measures to stabilize growth and stabilize the market are expected to be introduced one after another, and the “policy bottom” of the market will be further consolidated.
is highly targeted
Insiders believe that it is timely and important for the financial commission of the State Council to hold a special meeting to study the economic situation and capital market issues.
The special meeting reflected the great importance attached to the stability of the capital market. Many people in the industry pointed out that the special meeting, with a deep understanding of the great significance of the “two establishment”, resolutely achieved the height of “two maintenance”, and with “two maintenance” and “five persistence”, clearly expressed the attitude of maintaining the healthy development of the economy and maintaining the stable development of the capital market, reflected the importance of stabilizing the operation of the capital market, and released a strong signal of stabilizing expectations and stabilizing the market.
According to Dong ximiao, chief researcher of Zhaolian finance, the special meeting sent a signal of “three stabilities”, that is, a clear signal of stabilizing the macro economy, financial market and capital market, which helps to stabilize market expectations, boost market confidence and maintain the stability of the overall economic and financial situation.
The special session fully responded to market concerns. Lian Ping, chief economist of Zhixin investment and President of the Research Institute, said that the convening of the special meeting is conducive to clarifying some vague understandings existing in the current financial market, calming the pessimism of the rapid rise of the capital market, and helping market players further understand the policy orientation and improve expectations.
The deployment made at the thematic meeting is highly targeted. “The special session directly hit the market pain point.” Zhang Zhiwei, chief economist of Baoyin investment, said that the special meeting made a full response to a series of issues most concerned by the current capital market.
The effect of the special meeting appeared rapidly. On the 16th, RMB assets rose on hearing the news, cautious expectations converged, and market confidence increased.
further consolidate the “policy bottom” of the market
Since the beginning of this year, the steady growth policy has continued to work. Analysts believe that for the financial market, the clear signal released by the special meeting and the corresponding deployment will further consolidate the “policy bottom” of the market. It is expected that a series of policies and measures to stabilize growth and stabilize the market will be introduced one after another.
“The special session pointed out that we should earnestly invigorate the economy in the first quarter. Under the new downward pressure on the short-term economic operation, this indicates that the follow-up policies will not be weak in stabilizing growth.” Said Zheng Houcheng, director of Yingda Securities Research Institute.
In terms of monetary policy, Tang Jianwei, chief researcher of Bank Of Communications Co.Ltd(601328) Financial Research Center, pointed out that the special meeting called for “active response” of monetary policy, with special emphasis on the time window of “first quarter”, which may mean the introduction of subsequent measures such as interest rate and reserve requirement reduction. The special session stressed that new loans should maintain a moderate growth. This shows that expanding credit is still the main task at present.
In terms of platform economic governance, Wang Jingwen, director of macro research center of China China Minsheng Banking Corp.Ltd(600016) Research Institute, analyzed that the special meeting proposed to steadily promote and complete the rectification of large platform companies as soon as possible, and the red light and green light should be set. This is a positive response to the market’s concern about the governance of the platform economy and is conducive to stabilizing the policy expectations of enterprises and investors. The special session also called for promoting the steady and healthy development of the platform economy and improving international competitiveness. This releases the signal of supporting the standardized development of platform enterprises. “This move also gives foreign institutional investors’ reassurance, which helps stabilize expectations and boost confidence.” Shenwan Hongyuan Group Co.Ltd(000166) Securities chief strategist Wang Sheng said.
boost investor confidence
Many institutional people said that after the heavy voice of the special meeting, some pessimistic expectations about A-Shares are expected to be repaired, and the market trend will move closer to the economic fundamentals again.
According to Li Xunlei, chief economist of Zhongtai Securities Co.Ltd(600918) group, the continuous decline of risk appetite is the main reason for the weak performance of A-share market in recent years, rather than the poor performance of non listed companies. In this context, it is very important to boost expectations and confidence.
“The special meeting greatly encouraged the confidence of investors.” A person in the fund industry believes that.
China Industrial Securities Co.Ltd(601377) chief strategist Zhang Qiyao predicts that the market will usher in a phased repair window in the next month. First of all, since the relevant geopolitical conflicts have been deduced, the attitudes and sanctions measures of all parties have been basically clear, and the possibility of further exceeding the expected impact is reduced. Secondly, China’s national economic operation data from January to February were better than expected, indicating that the early measures to stabilize growth have been gradually effective. At the same time, the relevant policies of wide currency and wide credit are expected to continue to increase.
As for the bond market, Qin Han, chief fixed income analyst of Guotai Junan Securities Co.Ltd(601211) securities, said that as the equity market is expected to stabilize, the pressure on fixed income and fund redemption will be significantly reduced. After the resonance between the underlying logic and micro trading, the most favorable state for the bond market will be formed.
