Let's first look at the positioning and division of labor of several major exchanges.
HKEx's main task is to meet the needs of overseas listing in the Mainland, help mainland enterprises attract overseas financing, and help China's investment demand go overseas. This is also an essential function of Hong Kong as a "super contact".
China Stock Exchange mainly serves the financing of enterprises in Taiwan Province Province.
Shanghai Stock Exchange, the A-share main board market, mainly undertakes enterprises such as central enterprises, state-owned enterprises and some well-known large listed companies. After the establishment of the Growth Enterprise Market, technology-based enterprises are mainly listed on the Shanghai Stock Exchange.
Shenzhen Stock Exchange mainly serves small and medium-sized enterprises and entrepreneurial enterprises, mostly high-tech enterprises, and helps small and medium-sized enterprises, innovative and high-tech enterprises to provide financing services.
The functions of Shanghai Stock Exchange and Shenzhen Stock Exchange overlap to some extent.
On September 2nd, 20021year, Beijing Stock Exchange was born!
This is the fifth stock exchange in China after Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Stock Exchange and Taiwan Stock Exchange.
From the positioning point of view, the Beijing New Exchange serves innovative small and medium-sized enterprises, while Beijing already has a new third board, a platform foundation and a talent base for financing small and medium-sized enterprises. Putting the new stock exchange in Beijing is the cheapest and most efficient choice.
The purpose of the arrival of the North Exchange is very clear, that is, financing for small and medium-sized enterprises that specialize in innovation.
Of the four first-tier cities in China (Mainland), only Guangzhou has no stock exchange, so how should Guangzhou compete in a wrong place?
First of all, Guangdong-Hong Kong-Macao Greater Bay Area, where Guangzhou is located, already has the Hong Kong Stock Exchange and Shenzhen Stock Exchange, and an Australian Stock Exchange is being planned.
The Outline of Guangdong-Hong Kong-Macao Greater Bay Area Development Plan released on 20 19 clearly points out that:
To study the establishment of RMB securities market in Macao.
At the beginning of 20021,the National Development and Reform Commission said: To study and explore the construction of Macao Stock Exchange in Hengqin, so as to promote the moderate and diversified development of Macao's economy and help the construction of Guangdong-Hong Kong-Macao Greater Bay Area.
Therefore, the function of the Australian Stock Exchange is very unique and irreplaceable, and the possibility of approval is also great.
If Macao also sets up a stock exchange, there will be three stock exchanges in Daya Bay in the future, and it is almost impossible to set up another one in Guangzhou.
Secondly, the central government has approved the establishment of a new futures exchange in Guangzhou this year, which is also very rare.
Think about it. Not putting this new futures exchange in Shenzhen, where the financial industry is stronger, is enough to show that the state's support for Guangzhou is still very strong.
Moreover, the futures exchange is also a heavyweight national financial infrastructure, which can "pump water" nationwide like the stock exchange. If it is done well, it will also have great potential.
Looking around the world, financial centers can be roughly divided into three categories: one is dominated by the securities market, such as new york, Hongkong and Shanghai; The other is dominated by banks and bond markets, such as Beijing, London and Tokyo; The other is dominated by the futures market, such as Chicago.
In this sense, Guangzhou is expected to become an international financial center like Chicago. Chicago, also known as the windy city, is the largest futures trading center in the United States, the third largest city in the United States after new york and Los Angeles, and the second largest financial center in the United States after new york.
If compared with Chicago, Guangzhou's financial industry has a lot of imagination, which is not much worse than Beijing and Shanghai.
In my opinion, Guangzhou can rely on the futures exchange to build a global commodity pricing center and risk management center.
Regarding Guangzhou's positioning in financial functions, the official statement is as follows:
On September 3rd, a press conference was held in Guangzhou, announcing that the 14th Five-Year Plan for Financial Development in Guangzhou will be issued soon. According to the plan, the overall orientation of Guangzhou's financial development during the 14 th Five-Year Plan period is summarized as building "three centers, one benchmark and one highland".
The "three centers" are to build Guangzhou Futures Exchange with high standards, develop a complete futures industry chain, attract global investors and various enterprises to participate extensively, explore the formation of international standards, and build a risk management center.
Accelerate the construction of high-end financial agglomeration functional areas, gather institutions, talents, businesses and funds, and build a global wealth management center and an influential international financial resource allocation center.
"One benchmark" means supporting Guangzhou to promote the innovative development of digital finance and build a benchmark city for digital finance.
"One Highland" is to take the construction of Guangzhou Green Finance Reform and Innovation Experimental Zone as the core, accelerate the improvement of green financial institution system, innovate green financial service products, broaden green financing channels, and create a highland for green financial innovation and development that leads the whole country and affects the whole world.
On the overall positioning, the construction risk management center ranks first. This is in line with the prevention and resolution of financial risks promoted by the state in recent years, and also makes full use of Guangzhou's financial advantages. It is the position with the greatest chance of winning among the "three centers" and most in line with Guangzhou's advantages.
To build a risk management center, we must rely on futures exchanges.
Writing here, many people may ask, what is the gold content of the futures exchange?
First of all, we should know that futures, like the stock market, funds, banks and insurance, are an important part of a country's financial industry. If China wants to become a financial power, not only the stock market is strong, but also the futures.
The futures market has two major functions. One is "risk management", which uses forward contracts to transfer the risk of price fluctuations.
Theoretically, all commodities with frequent price changes, many market participants and difficult price manipulation can be traded in futures. This demand is very, very big. A mature futures exchange plays a great role in stabilizing enterprise expectations and market order.
Another function of the futures exchange is to "find the price", or "grasp the pricing power". For example, you can know the power of the futures exchange. Today, China's dependence on oil imports has reached 70%, making it the largest crude oil importer in the world. However, the world's largest buyer did not enjoy Party A's right to speak.
China is now the largest trading country in the world, but it still has a long way to go before it becomes a powerful trading country. An important reason is that the pricing power of many commodities is not in our own hands, and China has suffered too much in this respect.
Jian Yao, a former spokesperson of the Ministry of Commerce, once lamented helplessly: "China's pricing power has almost completely collapsed in the international trading system. Things bought in China will increase in price, and things sold in China will decrease in price. "
In this sense, if there are several futures exchanges with international influence, it is very necessary for China to seize the pricing power of commodity trade.
However, compared with developed countries, China's financial futures market started late and there are relatively few existing trading varieties, which is difficult to meet the growing risk management needs of the market. At this time, an innovative futures exchange is badly needed to explore the road of reform. Therefore, the central document has been emphasizing the word "innovation" from the beginning.
From this point of view, Guangzhou Stock Exchange has been given high expectations by the state from beginning to end, and it is definitely not an ordinary dispensable exchange.
In this sense, the appearance of Guangzhou Stock Exchange is beneficial for China to grasp the pricing power of global commodity trade and is of great significance for improving China's capital market.
For Guangzhou, this is the first national financial trading platform in Guangzhou, and it is also an important support for Guangzhou to build a global financial center. According to the ranking of international organization Z/Yen, Guangzhou has ranked among the top 20 global financial centers and is one of the four largest financial centers in China (Mainland). As the financial infrastructure of nuclear bombs, the futures exchange is even more powerful.
I think this is also a direction of dislocation competition in Guangzhou, Beijing, Shanghai and Shenzhen.
Wonderful comments
Shanghai, Dalian and Zhengzhou also have futures exchanges, and Shanghai also has crude oil futures to communicate with overseas exchanges. Where are the long-term benefits?