If you have to find the reason, the recent negatives are:

1, the state imposes a 20% income tax on real estate transactions, which has dealt a blow to real estate, which involves many industrial chains, such as banks, steel, building materials and so on.

2. It is expected that treasury bond futures will be listed in the second quarter. 1995 may 18, the trading of treasury bonds futures stopped, and the stock market rose sharply. Almost all stocks had daily limit, and the market rose for three consecutive days. It can be seen that treasury bonds futures funds also had an impact on the stock market. And it's amazing.

3. Securities refinancing began to be implemented. How to say this kind of power? That is, we can use non-stock and non-stock to hit the market, and the stock decline will aggravate the market decline. The funds were misappropriated again.

4. Some CPPCC members suggested that the railway 2 trillion debt could be solved through stock market financing.

The central bank began to buy back funds to control the price rise, and the funds were tight.

Hong Kong, Macao and Taiwan stocks are undervalued. Even if it is opened, how much money is there recently? But we should pay attention to establishing a legal channel for foreign investment. This only exacerbated the recession.