The US House of Representatives finally passed the $700 billion rescue plan, but this plan was not $700 billion, but was raised to $850 billion. Last week, after the House of Representatives voted down the $700 billion plan for the first time, the White House revised the plan, increasing it by $654.38+05 billion, and sent it to the Senate for a vote. After a large proportion is passed, it will be sent to the House of Representatives for voting. The increase of $654.38+05 billion was to give candy to the people, which was supported by the Senate and the House of Representatives, because $700 billion was only used to buy the non-performing assets of Wall Street, and the people could not share the sweetness. Now, with 654.38+05 billion won of sugar distributed to voters, members of parliament have changed their original intention and voted in favor. Why didn't Bush think of the plan of "dividing sugar" earlier, which led to the House of Representatives rejecting the $700 billion rescue plan, which led to the Dow Jones industrial average plummeting 777 points.
Before the $850 billion rescue plan was passed last Friday, the Dow Jones index rose more than 300 points. After the passage, the situation turned sharply. At the close, it fell by 157 points, with an amplitude of nearly 500 points.
The expected rescue plan passed, but the US stock market plummeted. This can be understood as using good news to ship goods, and it can also be explained as the market is worried that the $700 billion rescue plan will not save the market.
Affected by the decline in US stocks, the Asia-Pacific stock market fell across the board and fell sharply yesterday. The Hang Seng Index fell 879 points, or about 5%. Many falling stock markets also include the mainland stock market after the Golden Week. Yesterday, the Shanghai Composite Index fell more than 5%, more than Hong Kong stocks. Perhaps this is a compensatory decline after last week's stock market crash. Yesterday, the mainland stock market adjusted for the first time after the government rescued the market. The government took action when the Shanghai Composite Index fell to 1802, and the market quickly rebounded by nearly 500 points. Yesterday's decline can be regarded as a normal adjustment.
700 billion dollars is definitely not enough, but it is not small, and it can also be said that it is the right medicine. At present, the global financial tsunami is, in the final analysis, the most primitive mortgage-backed securities. Investment banks packaged these mortgage-backed securities layer by layer, amplified them through leverage, and finally evolved into a financial tsunami. Now, 700 billion dollars is mainly used to buy these mortgage-backed securities, hoping to restore market confidence in these mortgage-backed securities derivatives.
In addition, the new plan will increase the insured amount of bank deposits from $654.38+million to $250,000, which can avoid bank runs. $250,000 is not a small sum, which can protect the interests of the vast majority of depositors, so that these depositors will not queue up at the bank to withdraw money at the slightest sign. After the bailout plan is passed, the US Treasury Secretary will further formulate the methods and prices for purchasing these non-performing assets, which is the key. The price is too low, and the bank can only take some residue; The price is too high, and 700 billion dollars is definitely not enough.
The financial crisis triggered by the subprime mortgage crisis is testing the global economy and the development of PE in China. Industry insiders said at the press conference of "PE Beijing Forum" held a few days ago that the development prospect of PE market in China is still broad. When the international market is not good, it may be an opportunity for the rapid development of domestic PE, so we should seize the opportunity in the financial storm.
Development is in the ascendant
Xiong Yan, vice president and secretary general of Beijing PE Association and president of Beijing Equity Exchange, pointed out that in recent years, China's economy has maintained steady growth, and the high growth of China market has attracted a large number of foreign equity investment funds to invest in China, and China has become the country with the fastest growth rate of equity investment funds in the world. At the same time, with the growth of China's private capital and the continuous improvement of policies and regulations, RMB equity investment funds have also flourished.
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Zhao Linghuan, vice president of Beijing PE Association and president of Hony Capital, pointed out that global investors have shown great interest in China, and China is becoming more and more attractive. Many funds enter China in the form of private equity. The development momentum of PE in China is in the ascendant, but the foundation is still very poor. There is a great demand for private equity investment in China, and more and more entrepreneurs realize the importance of PE, especially when the market is bad. There are also many people interested in PE industry in China, but without the experience of the whole industry, PE industry has great development potential.
Seize the opportunity in the crisis
Xiong Yan pointed out that since the beginning of this year, the global financial crisis triggered by the subprime mortgage crisis in the United States broke out in an all-round way on Wall Street, and quickly spread to Europe and even the world, and the global financial industry suffered an unprecedented blow. Although China's financial industry has not been directly impacted like the United States, with the deepening of global economic integration, China will inevitably face an unprecedented test. How to successfully survive this financial crisis has become an unavoidable and serious issue for every PE institution. How to stand the test in the current crisis and seize the opportunity to achieve development is a subject that China PE industry must consider and face.
The indirect impact of the US subprime mortgage crisis on China's venture capital market has emerged. According to a report released by EZCapital, a professional venture capital research institution, in September, the China market disclosed that three investment companies raised new RMB funds, involving an amount of 3.9 billion yuan. Compared with the fundraising in August, the fundraising amount and fund amount in September showed a rapid downward trend, almost reaching the lowest level since this year 1 month. And this month, a fund with no foreign background was established.
Tian Suning, vice president of Beijing PE Association and chairman of China Broadband Industry Fund, pointed out that in the future, especially when the economy encounters challenges, there will be more and more industry integration, and PE should assume the role of integrating the industry value chain. Although the international economic situation is very uncertain, the future of China will not be greatly affected. The danger of others happens to be our opportunity, and we should seize it. PE should go overseas with enterprises, participate in equity acquisition, introduce western core technologies and knowledge systems, and further accelerate industrial upgrading.
Zhao Linghuan pointed out that the financial crisis triggered by the US subprime mortgage crisis may lead to the US economic recession. However, because China is still in the initial stage of internationalization, its influence is relatively small, and its domestic conditions are much better than those of other countries. We should seize the opportunity and take the initiative. Although domestic PE financing and exit are more difficult now, it may be a good opportunity for investment. "The more the economy goes down, the more reasonable the pricing of enterprises may be, and the opportunity for intervention will appear instead; When the market is overheated, it is not easy to enter because of the high price. " Many PEs may benefit from the correction of this market and look at the development of the market calmly.
Promote the development of sports.
Tian Suning suggested that we should seize the opportunity to promote reform and promote the development of sports. "We should promote the development of PE from policies and regulations as soon as possible. External difficulties are a good time for reform. " Promote insurance, social security and enterprise annuity to become qualified limited partners.
Xiong Yan pointed out that in June, 2008, Beijing Equity Investment Fund Association was formally established, aiming at establishing self-discipline mechanism of equity investment fund industry, strengthening communication between the industry and regulatory agencies, improving the quality of employees, safeguarding the legitimate rights and interests of industry professionals, strengthening exchanges and cooperation between PE practitioners at home and abroad, and further promoting the development of equity investment industry in China.
In response to the widespread concern in the industry about double taxation, Beijing will introduce policies to avoid double taxation on PE and encourage and support the development of PE. Ren Xuedan, director of the Beijing Financial Office, said that the Beijing Municipal Development and Reform Commission, the Financial Office and relevant departments are actively studying policies to promote the development of equity investment funds and are preparing to report them to the municipal government. There should be no major changes.
In order to promote the development of PE industry in China and build an active and fruitful dialogue platform for PE institutions at home and abroad, the "PE Beijing Forum" sponsored by Beijing Financial Office, China Equity Investment Fund Association (to be established) and Beijing Equity Investment Fund Association will be held from June 5438+065438+ 10/9 to June1day.