全国统一客服:400-609-3963
返回

稳增长政策?

2016-06-29

  稳增长政策?

  Steady growth policy?

  稳增长政策不停歇 货币偏宽松趋势未变

  Policy of steady growth Monetary easing trend has not changed

  上周上证综指下跌13.32%,创下2008年6月以来的最大单周跌幅,市场走势牵动人心。此间观察家认为,稳增长、促改革的政策红利仍将持续释放,资本市场走牛的逻辑也未发生改变,市场本身的调整更有利于夯实慢牛走势,市场无须过度恐慌。 济南财务咨询公司

  Last week the benchmark Shanghai composite index fell 13.32%, its biggest weekly drop since June 2008, market affects the heart. The observers think here, steady growth, promote reform of policy dividends will continue to release, the logic of capital market bullish, also did not change, the adjustment of the market itself is more advantageous to strengthen the slow movements of cattle, the market does not need to panic. Jinan financial consulting company

  不少市场人士认为,尽管当前宏观经济下行压力依然较大,但在党中央、国务院出台的一系列稳增长、调结构、促改革的政策引导下,未来财政政策将更为积极、松紧适度的货币政策也会持续发力,且稳增长后续政策储备工具充足,经济增速有望在三季度末触底回升。

  Many market participants believe that despite the current macro-economic downward pressure is still large, but in the party central committee and the state council issued a series of steady growth, structural adjustment, promote reform of policy guidance, future fiscal policy will be more positive, elastic moderate monetary policy will continue, and steady growth of the follow-up policy reserves sufficient tools, economic growth is expected to be bottoming out at the end of the third quarter.

  就货币政策而言,当前偏宽松的趋势未变。央行[微博]研究局首席经济学家马骏近日下调全年GDP和CPI涨幅预期值,显示尽管当前经济出现向好趋势,但稳增长仍需政策呵护。同时,美联储逐步推动货币政策常态化,未来资本流动波动可能加大,国内利率和汇率政策推出的时点和力度需仔细考量这一因素。在偏宽松不变的大背景下,一方面,从常规工具观察,利率和存款准备金率仍有运用空间;另一方面,政策可能由前期的着重总量调整转为更注重结构优化,定向政策等结构性政策仍将保持一定力度。

  In terms of monetary policy, the current trend of partial loose. Central bank [microblogging] research chief economist jun ma has its full-year GDP and CPI inflation expectations, shows that despite the current economic showing positive trend, but steady growth still needs policy attention. At the same time, gradually push the fed monetary policy normalization, future capital flow volatility may increase, the domestic interest rate and exchange rate policy of the launch time and efforts have to be carefully consider this factor. In partial loose unchanged under the big background, on the one hand, from the conventional tools, interest rates and deposit reserve rate is still using the space; On the other hand, the policy may be changed from early total emphatically to pay more attention to structural optimization, directional policy structural policies will still maintain a certain strength.

  从财政政策角度看,近日国务院强调推进财政资金统筹使用,避免资金使用“碎片化”,盘活各领域“沉睡”的财政资金,增加资金有效供给。这显示在政策推动下,未来财政政策将更积极,财政资金投放将对市场流动性产生积极作用

  From the perspective of the fiscal policy of the state council recently emphasis on promoting the comprehensive use of financial capital, avoid using "fragmentation" funds, revitalize the "sleeping" in various fields of financial fund, increase the effective supply of funds. This shows that under the policy to promote the future fiscal policy will be more active, fiscal money will have a positive role of market liquidity

  整体上,财政政策和货币政策节奏可能发生变化,但二者并非简单的此消彼长,财政政策的推行需要货币政策的密切配合。在推行积极财政政策的过程中,只有货币政策配合,才能一方面为财政扩张提供资金辅助,另一方面化解债务风险,维护金融稳定,保证充足的资金供给和推动利率下行更是缺一不可。

  Overall, the pace of fiscal policy and monetary policy may change, but both are not simple, the implementation of fiscal policy needs the close cooperation of monetary policy. Only in the process of implementation of active fiscal policy, monetary policy coordination, to auxiliary to fund fiscal expansion on the one hand, on the other hand to resolve debt risks, maintaining financial stability, get plenty of money supply and interest rates downward is be short of one cannot.

  此外,今年以来,政府推出一系列基建项目“稳增长”。在基建投资加大力度的前提下,将加快经济结构调整,推动各项制度改革落地。经济结构调整指向淘汰落后产能、加快新兴产业和新型农业发展,将为相关产业发展打开空间。深化国企改革等政策将调整利益分配格局,松绑长期经济增长面临的制度约束,有望释放长期经济增长动能。

  In addition, since this year, the government launched a series of infrastructure projects "steady growth". On the premise of infrastructure investment increasing, will speed up economic structural adjustment, promote the reform of the system of the ground. Economy structure adjustment to eliminate backward production capacity, accelerate the development of new industries and new agriculture, will open up space for related industry development. Policies, such as deepening the reform of state-owned enterprises will adjust the interest distribution pattern, loosen the institutional constraints facing the long-term economic growth, is expected to release the long-term economic growth momentum.

  从资本市场角度来看,市场走牛的逻辑未发生改变。此前,证监会[微博]主席肖钢明确表示赞同A股上涨是“改革牛”的观点,A股上涨是各项利好政策叠加的结果,有其必然性和合理性。具体来看,一方面,中央全面深化改革的各项举措稳定了市场预期,是股市上涨最强大动力;另一方面,杠杆因素的确发挥了重要作用。证券公司银证转账资金、沪港通净流入资金以及保险信托新增资金均有较多增加,特别是融资业务为股市上涨提供了资金支持。

  From the Angle of capital market, the market bullish, logic does not change. Previously, the securities and futures commission [microblogging] chairman xiao explicitly agreed A shares rose is "reform" point of view, a-share market rise is the result of superposition of good policies, has its inevitability and rationality. Specific view, on the one hand, the measures and deepen the reform of the stability of the market expected, are the most powerful motivation rising stock market; On the other hand, leverage factors indeed played an important role. Bank-securities transfer securities company capital inflows, Shanghai port and the trust of new insurance funds have more increase, especially financing provided financial support for the rising stock market.

  目前,深化改革的步伐仍在加快:中央深改组会议近日通过国企改革的两份先导性文件,国企改革顶层设计方案落地在即;自贸区、京津冀、“一带一路”等领域的改革在上半年取得实质性进展,未来将进一步推进。“改革牛”依然底气十足。

  At present, deepening the pace of reform is still in accelerating: central deep reorganization meeting recently two pilot file through the reform of state-owned enterprises, state-owned enterprises reform the top-level design of landing; Free trade zone, beijing-tianjin-hebei, "One Belt And One Road" in areas such as substantive progress was made in reforms in the first half of the year, the future will further advance. "Reform" is still very confident.

  从杠杆因素来看,有观点认为,近期监管部门严查配资和两融是引发市场调整的重要原因。对此应看到,严查配资业务有利于维护市场三公原则,保证市场健康发展。从证监会规范两融业务来看,近期发布的《证券公司融资融券管理办法(征求意见稿)》松紧并举,旨在建立逆周期的市场调节机制。这为融资业务留下万亿元的增长空间,并将引导外围杠杆资金回归两融,允许两融展期将支持长牛发展。这些因素的叠加会使杠杆牛市走得更稳、更长。

  From the point of leverage factors, it is thought that the recent regulatory scrutiny with capital and two is the important reason for the market to adjust. This should see three-fair principles conducive to maintaining market scrutiny with information and business, guarantee the healthy development of the market. From the standard two integrating business, recent margin of the securities company management regulations (draft) "elastic, aims to establish counter-cyclical market regulation mechanism. This leave one trillion yuan for finance business growth space, and will guide the peripheral leverage fund return two melting, enables the two extension will support the development of the bull. The superposition of these factors can make more leverage bull market stability, longer.

  从资本市场改革来看,从证券法修订、IPO注册制到深港通,各项计划中的改革都在稳步推进,将为资本市场的市场化、法制化、国际化奠定基础。据海通证券(23.33, 0.08, 0.34%)测算,目前A股市值/GDP为99%,而二战后美国、日本、中国台湾、中国香港等牛市指数涨幅核心区域为10-20倍,牛市高点股票市值/GDP的核心区间为150%-200%。与之相比,A股仍有空间。从上述逻辑来看,在多重因素作用下,市场适度回调并未改变“改革牛”的逻辑,更有利于股市走出慢牛、长牛行情。

  From the point of the capital market reform, from the revised securities law, IPO registration system to deep port, are steadily push forward reform of plans, will be the marketization of capital market, legal system, internationalization. According to haitong securities (23.33, 0.08, 0.34%), the current A stock market value/GDP is 99%, and after the second world war the United States, Japan, China Taiwan, Hong Kong, China and other bull market index or core region for 10 to 20 times, the bull market high stock market capitalization/core range of 150% to 150% of GDP. There are still space, by contrast, A shares. From the above logic, under the effect of multiple factors, the market moderately callback did not change the logic of "reform", is more advantageous to get out of the long slow cattle, cattle stock market.

  济南财务咨询公司:http://www.jnqqjz.com/