Securities and the stock market, these things are good, are there any dangers, are they unique to capitalism, and can socialism be used? You are allowed to watch, but you must try resolutely. Look right, do it for a year or two, and let go; Wrong, correct it and just turn it off. Close, you can close quickly, you can close slowly, and you can leave a little tail.
-Excerpt from Deng Xiaoping's speech on southern tour in 1992.
summary
1990 65438+February19 The largest glass ceiling banquet hall in the Far East located in Shanghai Pujiang Hotel was transformed into a stock exchange hall after four months of renovation, and the Shanghai Stock Exchange opened here.
From the market value of 1990 to 5 trillion in March this year, from dozens of listed companies to 1367 in July this year, China's securities market has rapidly grown into an important part of China's socialist market economy and become one of the most dynamic securities markets in the world.
China's capital market can usher in today's colorful, starting with a speech that China stock market can "resolutely try" when Comrade Xiaoping visited the south. The pragmatic attitude of "don't argue, try boldly" has revived China's nascent securities market.
At the critical moment of China's securities development, Comrade Xiaoping's southern tour speech constructed the basic development framework of China's stock market, China's capital market started in an all-round way, and the State Council Securities Commission and China Securities Commission were born.
Encouraged by the "resolute attempt", China's capital market has also ushered in a mushrooming development.
Because China's capital market is very young, and under the background of China's transition to a market economy, problems of one kind or another inevitably appear in its rapid development. Packaging listing, insider trading, false information, manipulation, etc. undermine the principles of openness, fairness and justice, and infringe on the legitimate rights and interests of investors to a certain extent.
In this situation, 200 1 someone put forward the argument of "tearing down the capital market and starting a new stove". At the critical moment of reform, Deng Xiaoping Theory's guiding ideology of reform and innovation and governing the city according to law still plays an important role. In February this year, the State Council issued "Nine Opinions" highly praised by various securities media, experts, scholars, institutions and ordinary investors, which thoroughly cleared the source and unified the ideological understanding of all parties in the capital market again, and China's capital market will surely achieve another leap.
Recently, it is reported in the industry that a foreign investment bank is expected to enter the China stock market "in advance" within the framework of existing laws and regulations. The ingenious operation, which has been brewing for nearly three years and operating for more than one year, has finally opened a precedent for introducing foreign capital into the market to deal with the risks of securities companies, and a major breakthrough in China's securities industry is coming soon.
"Dare to try, be resolute and decisive", the essence of Deng Xiaoping Theory will still shine in the future development of China stock market.
witness
Shanghai Stock Exchange "Cradle" Pujiang Hotel
Pujiang Hotel is located in Huangpu Road, Shanghai, formerly known as Richard Hotel. 1846 was founded by the British and is currently a cultural relic protection unit in Shanghai.
From 1990, 12, 19 to 1997, 12, 18, this is the residence of Shanghai Stock Exchange, which witnessed the process of Shanghai stock market from birth to development.
On August 4th, the reporter came to Pujiang Hotel. The stone buildings exposed to the hot sun look old and quiet, and only a few people come in and out.
Zhu Rongji led the team to choose "Pujiang"
Cai Dongdi, deputy manager of Pujiang Hotel's business department, has participated in various affairs after the site selection, decoration and opening of the stock exchange.
Cai Dongdi recalled that the initial stock trading pilot in Shanghai was in the business department of Xikang Road 10 1.
1990 in the first half of the year, Zhu Rongji, the mayor of Shanghai, led a delegation to inspect and selected the address of the stock exchange, visited several places, and finally chose Pujiang Hotel. One reason is that this ancient building is symbolic, and another reason is that the hotel has a Peacock Hall (once the largest glass ceiling ballroom in the Far East), which can accommodate more than 500 people at the same time and can be used as a trading hall.
"At that time, the restaurant business was not good, the government took a fancy to it, and the two sides quickly made a deal." Shanghai Stock Exchange rented Pujiang Hotel with an area of 3,300 square meters for 7 years. Due to time constraints, the Shanghai Stock Exchange officially opened after four months of renovation.
Cai Dongdi took the reporter to visit the former trading hall. It's locked now, waiting for decoration. The dark hall is empty, only a huge electronic display screen reminds us of the past here.
According to the data, the trading hall covers an area of 477 square meters, and the display screen is 4.7 meters long and 2.7 meters wide. The reporter saw that several enlarged photos in the hotel corridor showed people the grand occasion of the transaction at that time. Because of the poor printing technology at that time, the reporter saw that these photos were quite blurred.
The once-soaring "stereotyped writing in Shanghai"
Cai Dongdi recalled that before the opening of the stock exchange, the stock price experienced a decline. At the beginning of the opening, the stock price soared. Because the problem of whether the stock name is social or capital has not been solved, the stock exchange is relatively conservative, and only "Shanghai Old Stereotyped Shares" have been issued, including Le Fei Audio, Xingye Real Estate, Zhong Yan Industry, Yuyuan Mall, etc. The daily turnover is very small, and the stock price increase is strictly controlled.
Cai Dongdi said, for example, in Yuyuan Mall, in order to control the stock rise, the exchange was limited to 1 yuan a day, and then it was relaxed to 7 yuan for one day, and the trading volume needed more than five lots to increase the price. But at that time, the turnover was only one hand, and no one wanted to sell it. Securities companies have to adopt the "reverse" method, resulting in false trading volume, which makes the stock price rise.
Even so, the stock still rose sharply. For example, the original share of Yuyuan Mall was 100 yuan, and later it rose to 1 10,000 yuan.
At that time, the trading method was also very primitive, and traders wearing red vests had to enter the market to declare orders. At first, there were more than 40 "red vests".
Later, there were more stock and securities companies. The streets from Huangpu to Qingpu are full of trading ladies and gentlemen in red vests, with more than 65,438+0,000 people.
After Xiaoping's southern tour, "the venue is not enough"
After Xiaoping's southern tour, the stock market was fully liberalized, and the space of the stock exchange was not enough. So he ate all the first floor of Pujiang Hotel, and as the second trading hall, the number of trading seats increased from 100 to more than 400. Later, the office building of the East China Sea Fleet and the warehouse of Shanghai Tea Import and Export Corporation were rented, and a 1 1 trading hall was set up.
After the development of Pudong, Shanghai Stock Exchange moved to Lujiazui. Since then, several securities companies have settled in Pujiang Hotel, and then quit one after another.
The management of Pujiang Hotel told reporters that they are now preparing for a comprehensive renovation to restore the luxury style of the hotel. The seven years of the stock exchange here has become a memorable history of Pujiang Hotel.
interview
1992, the securities industry "came back to life"
Beijing News: What was the state of China stock market before Comrade Xiaoping put forward the theory of "resolutely trying"?
Zhou Daojiong (former Chairman of the Second Securities Regulatory Commission and Executive Deputy Director of the State Council Securities Commission 1992): After the founding of New China, the Soviet planned economy model was implemented, and then the securities market and exchange closed.
Before the Third Plenary Session of the Eleventh Central Committee of the Communist Party of China, private plots should be cut as the tail of capitalism, not to mention the shareholding system and stocks. It is the so-called "talk about stock color change." After the Third Plenary Session, China stock market began to try.
"Life and death matter," Xiaoping said.
Beijing News: When did the "controversy" arise?
Zhou Daojiong: I was crossing the river by feeling the stones. First, through the joint-stock system reform, we will issue internal employee shares on a pilot basis, which can be traded in "counters" and "shops" and even set up stalls in the market.
1990, Shanghai and Shenzhen stock exchanges were established. At that time, only small enterprises in two places went public, such as Shanghai's "old stereotyped writing".
The innovation and rise of the securities market have caused different repercussions inside and outside the party and from all walks of life. The so-called "capitalism" and "capitalist road" are not feasible, and various voices flock to us.
When Comrade Xiaoping made a speech on his southern tour, he pointed out that "it is allowed to watch, but we must resolutely try" in view of the current situation of China's securities market.
Beijing News: What impact did this have at that time?
Zhou Daojiong: The word "resolutely try" can be used to talk about the role of coming back to life when China's nascent securities market is in danger.
Practical significance of "crossing the river by feeling the stones"
Beijing News: What are the characteristics of China's securities market?
Zhou Daojiong: Compared with the 200-year history of developed countries and regions, China's securities market is still a newborn baby, an immature market or an emerging market.
In my opinion, China's securities market can be summarized by "five sentences" and "one characteristic", that is, "short time, rapid development, great achievements, many problems and good prospects", which is characterized by two 90% listed companies, that is, more than 90% listed companies are state-owned enterprises and more than 90% securities companies are state-owned or public.
Beijing News: There are many problems to be solved in the development of China stock market. What is the practical guiding significance of this theory?
Zhou Daojiong: Over the past 20 years since the reform and opening up, China's securities market has developed rapidly and made great achievements. I want to thank Comrade Xiaoping and his series of guiding ideology first.
How to understand and solve the problems in progress and further standardize the securities market, I think we should further reform and innovate according to Comrade Xiaoping's guiding ideology and govern the market according to law.
"I sat in the crater for more than two years."
Beijing News: What are your expectations for the current securities market?
Zhou Daojiong: The cornerstone of China's securities market is the quality of listed companies. It is urgent to further deepen the reform, improve the corporate governance structure, strengthen the construction of honesty and ensure the reasonable income of investors.
1June, 997, at the handover meeting with Comrade Zhou Zhengqing (the third chairman of the CSRC), I joked that I had been sitting in the crater for more than two years, and now I am glad that I landed safely. Now it's up to you to sit tight and take off. I believe you must fly better and safer than me.
Less than three years later, this sentence was repeated at the handover meeting between Comrade Zhou Zhengqing and Comrade Zhou Xiaochuan (the fourth chairman of the CSRC).
I hope my successor won't repeat this sentence in the future. China stock market will definitely become a mature market, not a "volcano".
Story 1
Yang Baiwan: My grandson's real name is "daily limit"
"I asked you to buy at the reserve price, but you didn't listen. Do you regret it now? "
On August 5th, 2004, Yang Baiwan telephoned his company (located at Room 204, Building KLOC-0/2, Lane 777, Guangzhong West Road, Zhabei District) to instruct a "student" on how to buy stocks.
This company is named Yang Huaiding Software Company after his real name. There are three laptops on Yang's desk. Real-time information of stocks is being received on the computer screen and analyzed by Yang's stock analysis software.
"Without Comrade Xiaoping's southern tour speech, I would not be sitting here today, sitting in my own company, and these students could not call me Teacher Yang." Yang Baiwan said.
Yang Baiwan, formerly known as Yang Huaixin, was born in Shanghai in June 1950 and worked in Shanghai Ferroalloy Factory. 1988 started buying and selling treasury bills, and later changed its name to Yang Huaiding, and changed poverty with firm confidence. (The following is Yang Baiwan's self-report)
We grew up in Deng Xiaoping. I was born in 1950. Before I entered the bond market, I was poor all my life. After Xiaoping came to power, we got rid of the shackles of poverty and thought.
My train of thought: make bold money, do not dispute.
In the past, there were two whatevers who asked the social surname for everything. Xiaoping gave us an idea: don't argue, try boldly. When I entered the bond and stock markets, I was influenced by this idea: don't argue, make bold profits. Go your own way and let others talk. Without this quality, the social debate about right and wrong would have overwhelmed me.
In the words of a revolutionary song, the new society gave me my body and Deng Xiaoping gave me my thoughts. From 65438 to 0988, I began to buy government bonds, and later I bought stocks, until Xiaoping made a southern tour, and life was difficult. Because I am famous, I am a controversial figure, and I am often criticized.
Our identity was determined after Xiaoping's southern tour.
Some people say that after my economic success, I attacked crazily politically. Indeed, at that time, the Shanghai Stock Exchange had not yet opened, and the issue of stock surnames had not been solved. Deng Xiaoping's southern tour, the liberalization of the stock market, our identity will be determined. The official invited me to participate in various conferences and forums, and the Shanghai Stock Exchange knows me well.
For example, they don't accept your interview. Because you are not a celebrity, celebrities can interview. I'll say hello and take you there, then you can go in. Society, people around me, have changed their eyes when they see people like me.
What did people think of me before? Afraid of me, suspicious of me, not dating me. From now on, you start to like me and ask me for advice. At first shit stinks, but like Shanghai stinky tofu, it stinks and tastes good. Now it has become a thousand fragrant wonton and spicy chicken. So are you journalists. In the past, some reporters were afraid to interview and report me, saying that I was a sensitive person. Now he himself has become the vice president of the securities company, and he and I are good friends.
My wife is a primitive stock.
On the first day of listing on the Shanghai Stock Exchange, 1000 shares were sold, and I robbed 500 shares. I grabbed the first order, and I tied for the first place in several business departments at the same time. I took a lot of ID cards and asked for the first commission, half a month in advance. I bought 500 shares of vacuum electrons, and the value of each share rose from more than 300 yuan to more than 20 thousand yuan. The stock market soared for two years. When I bought Treasury bills, I was called Yang Baiwan. In fact, the real million is after the stock market. The first big room in Shanghai was built for me by a securities company.
I have never left the stock market, it has become a part of my life. I would rather die than be a stock. What I eat, consume and spend now is provided by stocks.
My family is an employee of our company. My baby name for my grandson is "daily limit", my wife is "original stock", my son is "growth stock" and the stock market is "lover". After my death, my ashes can't be scattered in the sea like a great man, just outside the Shanghai Stock Exchange.
They are the superstructure, and I am the foundation of society.
I only have junior high school culture. If I didn't have only this level of education, I would be even worse now. If I were a doctor, I wouldn't be sitting here today. If I graduate from college, my company will be bigger. Now the company doesn't need a lot of money, with a registered capital of 500 thousand.
Family life has not changed much, but it is better than before. I live in Zhabei District, a top-class building, a small rich area. I can only be considered a small achievement and relatively successful. The biggest change is in the psychological state.
How much did I earn in the stock market? I can't tell you this. It's personal. My name is Yang Baiwan, which means I earned 6,543,800 yuan. I have always been 654.38+00,000, and now my investment in the stock market is also maintained at 654.38+00,000. The previous paragraph invested 2 million yuan, but after a wave of market, it still invested 1 10,000.
I once said at the securities development forum that the securities market was opened because of Xiaoping's foresight. They are the superstructure, and I am the social foundation of reform and opening up. My social foundation unconsciously meets the needs of the superstructure.
Personally, I should be regarded as an important witness, participant and practitioner in the development of China stock market. I especially want to thank Deng Xiaoping, an old man. I was particularly sad when he died. It is also meaningful to commemorate his100th birthday, so I especially welcome anyone to interview me, so I will give you an hour.
I have my hands full right now. I treat you to sorbet. Well, it's been almost an hour.
Story 2
Le Fei shareholders "fly over the ocean"
The first share in China-the stock issued by Shanghai Le Fei Audio Co., Ltd.
China's first share, Le Fei Audio Co., Ltd., has a foreign "original shareholder" Mr. Fan Erlin, and his Le Fei shares are also permanently displayed in the window of the NYSE.
1986165438+1October 14. John Welling, then chairman of new york Stock Exchange, visited China and presented Deng Xiaoping with the badge of new york Stock Exchange.
Deng Xiaoping specifically mentioned to him that Xinhuadu also issued shares and decided to give him a Xinhuadu stock. For the authenticity and reliability of the stock, the name of Zhou Zhishi, vice president of Shanghai Branch of the People's Bank of China, was filled in this stock at that time. This also shows that most people did not understand the basic attributes of equity at that time. Stock experts immediately saw the flaw. I'm Fan Erlin! "My stock should use my name, and I'm going to Shanghai to change my name."
1 65438+1on the afternoon of October 24th1,Fan Erlin walked into the first securities trading department in new China-Shanghai Jing 'an Securities Business Department. Business department is exempt from 1 yuan transfer fees. Mr. Fan thanked him again and again and said humorously, "China is good, unlike us Americans who only recognize money." Everyone present burst into laughter.
■ China stock market memorabilia
● Opening.
1990 65438+February19, the Shanghai Stock Exchange opened; 1991July 3, the Shenzhen Stock Exchange officially opened.
● Three major policies "rescue the market"
1 On July 30, 1994, the CSRC announced three measures to "rescue the market":1,and suspended the issuance and listing of new shares during the year; 2. Strictly control the scale of rights issue of listed companies; 3. Take measures to expand the scope of capital entering the market. This is the famous "three major policies".
● Treasury bond futures events
1On February 23rd, 1995, the "March 27th Treasury bond futures incident" broke out, the treasury bond futures market was closed on May 7th, the stock market blew out on May 8th, and Guan Jinsheng, the initiator of the "March 27th incident", was arrested on May 9th.
● Southeast Asian financial crisis
1 July 9971,the return of Hong Kong; On July 2, the financial crisis broke out in Thailand, and then the financial turmoil that lasted for two years in Southeast Asia broke out in an all-round way.
● 5 19 market starts.
1On May 9, 1999, an incident of "accidental bombing" by the US military occurred, and the Shanghai Composite Index fell by a gap, approaching a thousand points. 10 days later, 19 opened on May 9. On June 15, People's Daily published a special commentator's article "Strengthening Confidence and Standardizing Development", and the market reached its climax on May 19; In July 1, the securities law was implemented, and the index surged back.
● The delisting system started.
200165438+February 4th, the delisting system was officially launched and the short-term rebound ended.
● 6 24 blowout
On June 23, 2002, the reduction of state-owned shares stopped, which triggered a blowout on June 24, and the stock index then peaked and fell back.
● SARS hit stocks.
In April 2003, SARS became popular and the market fell back.
● The "Nine Articles of the State" was promulgated.
On February 2, 2004, "Several Opinions of the State Council on Promoting the Reform, Opening-up and Stable Development of the Capital Market" (Article 9) was issued, and the stock index continued to rise, breaking through the 2003 high of 1650.
● SME board debut
On June 25, 2004, the SME board was officially unveiled, and the first batch of 8 stocks went public, which was the first concrete measure to implement the "National Nine Articles".