China's stimulus policy is weak, A-shares surged and then fell back, PBOC again put forward five major goals to rescue the market

China announced a new fiscal stimulus policy on the 8th, but the A-share reaction was calm compared to the stock market surge after the introduction of the new policy in late September, and quickly retreated after a brief surge at today's open. Recently, Pan Gongsheng, governor of the People's Bank of China, elaborated on five major policy directions for the future, including increasing the regulation of commodity coin policies, strengthening financial supervision, and guiding financial institutions to support emerging industries. (Synopsis: China saves the economy again!) Will smash 10 trillion people's coins to alleviate local debt thunder) (background supplement: heavy!) The United States has completely blocked China's AI, and TSMC has been included in sanctions since next week) China announced a new fiscal stimulus policy on the 8th, increasing the debt limit of local governments to 6 trillion yuan of people's coins to replace existing hidden debts. At the same time, from 2024, 800 billion yuan of local government special bonds will be added every year for five consecutive years to supplement government funds for debt repayment, and the cumulative replaceable hidden debt will reach 4 trillion yuan, making the overall fiscal stimulus scale reach 10 trillion yuan. However, on the first trading day after the introduction of this policy, although the three major A-share indexes closed up, the overall rise was not as good as the market reaction after the release of the new real estate policy at the end of September, and there was no similar celebration. The three major A-share indexes once soared in early trading Yesterday (11), the three major A-share indexes rose collectively, and the Shanghai Composite Index rose 0.51% to close at 3470.07 points; SZSE Composite Index rises 2.03%; The ChiNext index rose by 3.05%. There were more than 3,900 individual stocks in the overall market, and the trading volume of the Shanghai and Shenzhen markets reached 2.5 trillion yuan throughout the day. However, compared with the stock market surge triggered by the New Deal stimulus in late September, the market reaction was relatively calm. At today's open, the three major A-share indexes once rose, but then quickly retreated. The Shanghai Composite Index edged down 0.06% to 3467.92 points; The ChiNext index rose 1.78% to 2435.11 points; The Shenzhen Composite Index rose 1.02% to 11504.37 points. Experts: China's policy will continue to support the market Although the new round of fiscal stimulus has failed to significantly boost the market, authoritative experts stressed that China's coin policy will continue to maintain a supportive stance. The expert said that the intensity of the cargo coin policy so far this year is the highest in recent years and has been generally affirmed by the market. The market expects that the tone of the supportive coin policy will not change in the short term, and the coin policy is expected to remain strong next year, providing a good financial environment for economic stability and high-quality development. After comprehensively considering factors such as changes in the macro environment, index structure, transaction distribution and technical indicator performance, CICC pointed out: We believe that the current A-shares have certain macro expected support, the microstructure is relatively neutral, Trading Volume has a certain supporting effect on the market, and the subsequent development of the structural market can be followed. In terms of style rotation, we are relatively bullish on the performance of the broader market growth style in November. Looking forward to China's future policy direction, Pan Gongsheng, governor of the People's Bank of China, recently issued the "Report of the State Council on Financial Work" at the 12th meeting of the Standing Committee of the National People's Congress, expounding the next work priorities of the People's Bank of China. The following are the main work directions in the report: (1) Strengthen the regulation of the commodity coin policy to support stable economic growth China will increase the counter-cyclical adjustment of the coin policy to create a favorable financial environment for stabilizing the economy. This includes maintaining market liquidity, dropping financing costs for businesses and residents, and supporting strategic focus areas and vulnerabilities through various policy tools to stabilize the people's coinExchange Rate and guard against Exchange Rate risks. (II) Strengthen Financial Supervision and Effectively Improve the Effectiveness of Supervision China will comprehensively strengthen financial supervision, strictly enforce the "gatekeeper" responsibility of intermediary institutions, and strengthen the protection of the rights and interests of financial consumers and investors. At the same time, it will promote the legislative work of the Financial Stability Law, the Anti-Money Laundering Law and other laws, and accelerate the formulation and revision of laws and regulations such as the People's Bank of China Law, the Commercial Banking Law, the Securities Investment Fund Law, and the Regulations on the Management of State-owned Financial Capital. (III) Continue to improve the quality and efficiency of financial services and help high-quality economic development Focus on doing a good job in the "five major articles" of finance, and encourage and guide financial institutions to optimize the credit structure. Strengthen financial support for new quality productivity, and improve the "fundraising, investment, management and exit" mechanism for venture capital. In addition, the People's Bank of China plans to guide financial capital to invest early, small, long-term, and hard technology to meet the financing needs of science and technology enterprises at different life cycle stages. Vigorously develop science and technology innovation bonds and green bonds. Implement systems such as credit granting due diligence and exemption from responsibility. Continue to promote the establishment of a government financing guarantee system. (4) Deepen financial reform and accelerate the construction of a modern financial system with Chinese characteristics China will accelerate the establishment of a modern financial system with Chinese characteristics, improve the implementation mechanism of the commodity currency policy, and support large banks to replenish capital. It will also deepen the reform of rural credit cooperatives and broaden the channels for foreign investors to invest in the domestic capital market. Develop a multi-level bond market, do a good job in payment services for key groups, and improve an independent and controllable cross-border payment system. Promote the construction of Hong Kong and Shanghai into international financial centers, and steadily promote the internationalization of People's Coin. (5) Prevent and resolve financial risks and maintain financial stability China will optimize the prevention and control mechanism of financial risks, strengthen the risk early warning role of financial supervision, and properly deal with the debt of local governments' financing platforms. In addition, policy tools will be further improved for abnormal fluctuations in the stock market to ensure the stable and healthy operation of the financial market. Related stories Flare milestone moments! 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