Author: Dou Fu Some time ago, Yi Huiman, chairman of the China Securities Regulatory Commission, delivered a speech at the China Development Forum and talked about some issues in the current stock market at a very high level.

Regarding the issue of market fluctuations that investors are most interested in, he believes that market fluctuations are normal, and as long as there is no excessive leverage, nothing major will happen.

It seems that the recent correction is still acceptable to the market, although many new investors and new investors who have entered the market may not be able to bear it.

Of course, as long as they don't use leverage to buy stocks or funds, that's fine.

According to Yi Huiman's formulation, the leverage risk in the A-share market is generally controllable.

Even so, it is still necessary to strictly control the flow of loans from informal channels into the stock market.

For example, in order to recover the economy after the epidemic, operating loan interest rates have been reduced and the repayment cycle has been extended. However, some people have taken advantage of operating loans to sell houses and speculate in stocks.

Forget about buying a house, leveraged speculation in a highly volatile market like the stock market is very risky.

If the leveraged stock market explodes, it will drag down the bank and bring systemic risks.

Various regions are severely cracking down on illegal inflows of credit funds into the stock market and property market.

Our readers and friends must not engage in leveraged stock trading.

As for the registration system, the part mentioned in his speech is still very cautious. He believes that the quality of practice of sponsor institutions is not high, and "breaking through while sick" should be dealt with seriously.

However, we still need to actively create the normalization of IPOs that meet market expectations.

After all, the stock market is not easy. It has to undertake many tasks, such as financing technological innovation, and filling pension and local debt issues.

Guizhou has recently mentioned that it will cultivate and promote a number of backbone enterprises with strong influence in the country, such as Xijiu, Guotai, Jinsha, Zhenjiu, and Dongjiu, accelerate the promotion of enterprise listings, and cultivate a number of national-level and regional-level well-known enterprises.

As for what is going on, we have mentioned it before.

He also said this euphemistically: In fact, it is to remind everyone that the current fluctuations of A-shares are still normal and related to domestic fundamentals, and there is no need to just follow the wind and rain due to some foreign factors. Investors still need to be more mature.

Don’t let foreign capital cut you off.

As for preventing foreign capital from cutting leeks, it is to prevent large inflows and outflows of foreign capital.

Those foreign capital that came in to push up the bubble to make quick money would soon burst the bubble and trigger a crisis, which caused the market to fluctuate violently.

If you want to build a mature market, you must guard against this type of foreign investment.

As for foreign capital that firmly believes in China's future and intends to invest in China for the long term, China still welcomes it.

The capital market also insists on opening up to the outside world.

Although the atmosphere for negotiations in Alaska is not good, China's opening up has not stopped.

Not only can we argue with reason at the negotiation table, but we can also have the confidence to continue to embrace global capital, including the expansion of U.S. capital, without inciting xenophobic sentiments. This is the image of a great power.

On the other hand, it is a stingy reaction to incite hatred against Chinese Americans in the United States.

This China Development Forum was attended by more than 100 foreign company executives, among whom Musk also made a speech.

Former US Secretary of State Kissinger also sent a video to the scene.

It seems that the real Sino-US dialogue is taking place here.

Yi Huiman delivered this speech last Saturday. It was not easy to give psychological massage to stock investors over the weekend.

The stock market rose on Monday, but fell again today.

What seems even more difficult is that the China Securities Regulatory Commission still has a lot of work to do to complete the tasks mentioned in his speech.