Wealth

Why do the Shanghai Stock Exchange and the Shenzhen Stock Exchange compete so strongly that they even put down their bodies to fight for their status?

In terms of the situation at the time, the dispute between the two exchanges in Shenzhen and Shanghai was not a purely ChiNext market dispute at all. It can be said that the motive behind it was to grab the dominance of the financial center of Mainland China.

Since Hong Kong's status as an international financial center cannot be shaken at present, the contenders for the mainland financial center include Beijing, Tianjin and even Chongqing, Shenyang, Wuhan and other places. Shanghai has a deep commercial and financial accumulation. Since modern times, it has been an international metropolis. The Bund of Shanghai was full of international financial institutions, which only Tianjin can match.

Therefore, the real rivals of the two major exchanges are actually the two local governments of Shenzhen and Shanghai.

This year, the concept of venture capital is popular all over the world, the Nasdaq market is soaring, and the Hong Kong Growth Enterprise Market is also in preparation. Shanghai and Shenzhen are vying to use the State Council and the Securities Regulatory Commission to assert their advantages and compete for the establishment of a "GEM market" in the Mainland. The seminar was overwhelming for a while, experts and scholars rushed to advocate venture capital, lobby the central government, and demonstrate their qualifications for setting up a "second board market." At that time, the candidate cities were Beijing and Wuhan, and Shenzhen had not been lucky enough to win the competition at this time.

After the simple processing industry moved north to Dongguan and Huizhou, the financial industry and high-tech industries have become indispensable pillars of Shenzhen. Financial output accounts for about 15% of Shenzhen’s GDP, and profits almost reach one-quarter of the country’s total. The support for other industries cannot be underestimated, while Shanghai’s financial industry accounts for more than one-quarter of the country’s profits. . At that time, it was rumored that Shenzhen's main board market would be merged into Shanghai. For Shenzhen, this not only means that a huge amount of capital flows northward, but also puts the status of the regional financial center that has just gained a foothold in jeopardy.

Because there have always been rumors of withdrawal or even the main board market, Shenzhen government officials have been presenting their sentiments in Beijing to try to turn the tide, so that the suspense of withdrawing the Shenzhen main board market has temporarily failed.

The struggle and constraints between Shenzhen and Shanghai are of course not just a battle for face, but a battle for financial discourse power. Shenzhen does not have a traditional industrial base, and resources are also quite lacking. It is reasonable to use the financial industry and high-tech industries to restore the economic achievements of the past when the central government policy favored it. There has been an open and secret battle with Shanghai, which is plotting to be an international financial center, and it has lasted for more than a decade. The Shenzhen government has learned a lot.

The inland capital market structure created not by free competition in the market but by the intervention of administrative power is often easily controlled by the will of the government, which can be regarded as an official economy with Chinese characteristics.

However, Fan Wubing was very clear that the suspension of new shares on the main board still caused Shenzhen to suffer a heavy blow. Interest income from the freezing of IPO subscription funds suddenly steamed, the primary market’s fundraising function was lost, the market transaction volume was half-dead or even diminishing, and the funds in the secondary market also gradually lost. The total market value of the Shenzhen market, the market value of circulation, and the number of listed companies The indicators all showed negative growth.

Although Shenzhen will still be a major financial city in the future, it has obviously stagnated. The growth of the ChiNext is well prepared but it has been slow to launch. This has caused the local fund industry to move north to Shanghai to seek new developments.

This time the 5.19 quotation, although it came relatively suddenly, it was definitely not without reason.

In the first half of this year, the domestic stock market was not optimistic. The stock market fell by a quarter in less than a year. To paraphrase official words, first, there is less funding, which is not conducive to raising funds to support economic construction. Second, the continued downturn in the market has caused difficulties for IPOs, which is not conducive to fulfilling the function of the capital market, supporting the reform of state-owned enterprises, and establishing a modern corporate system. Thirdly, investors are generally trapped and the losses are serious, which is not conducive to improving the people's living standards and protecting the interests of the people, and at the same time affects investor confidence.

Based on the above, the China Securities Regulatory Commission submitted the "Request for Instructions on Further Regulating and Promoting Securities Market Development." After the report was submitted, the State Council formally approved it on May 12 after repeated consultations with the Ministry of Finance, the Central Bank, and the Reform Commission.

Immediately afterwards, the embassy bombing happened the next day. The missile incident directly caused the two cities to fall sharply. Under such circumstances, the two cities were actually incapable of falling. Yesterday the United States publicly apologized and After the two parties reached a preliminary understanding, investors who were panicking all day finally ushered in a good day of anger.

In other words, this is also a means for the management to divert everyone's attention. At least most people's attention was immediately shifted to a hot stock market, and the attention rate of embassy bombing dropped by dozens of percentage points.

Uh, when it comes to this, Chinese people are really more realistic. Everything is not as important as making money! When Fan Wubing thought of this, he couldn't help but shook his head, saying that patriotism has its limitations.

Fan Wubing called back and found out with his father, saying that Yeltsin was still in the country, so he caught the plane in the afternoon and flew directly back to the capital.

The direct flight from New York to Beijing is about 13 to 4 hours. The time difference between the two places is 13 hours. Therefore, Fan Wuyi left the United States at 2 o'clock in the afternoon. When he got home, it was already 4 o'clock in the afternoon here. It’s too much. I got a little bit of sleep. I got up at 7 o’clock and looked at the column of Huafeng.com’s own novels that I hadn’t been able to read for several days. Now it’s already overcrowded. Everyone is waiting and waiting. Today’s update.

There are still manuscripts, but they have been given to the editors of Huafeng.com and asked them to help himself with the updates. Fan Wubing is thinking about getting all the manuscripts out within a month, which is considered to be the end of this worry. , After all, being urged by tens of thousands or hundreds of thousands of readers to be updated after the ** is not only happy but also a headache.

After a while, Fan Heng came home.

Since joining the Standing Committee, although he is also busy, as the executive vice premier, Fan Heng has done more specific affairs, but he has not participated in many state affairs activities. He has not participated in all except for some very necessary activities. This is also true. Satisfied the wishes of some people, and did not want him to show his face too much.

Seeing that his son had returned, Fan Heng couldn't help but asked curiously, "Are you planning to meet with Yeltsin?"

"I'm considering investing in some investment projects in Russia, so seeing Yeltsin is a better choice." Fan Wuyao nodded and replied.

In fact, Russia has not had a very good life since the disintegration of the Soviet Union. The cloud of industrial and economic crisis has not dissipated. In the past few years, despite Yeltsin’s shock therapy, it has been overthrown again, and it is a bit new. , But overall the national economy is still very bad.

This year can be said to be a turning point when Russia emerged from the economic crisis and began to move towards economic recovery. If Russia can maintain the current positive momentum, this year's economy is expected to bottom out and even show weak growth.

For a long time, the interference of political struggle has been one of the important factors leading to Russia's economic crisis. Last year was a year of unusual changes in Russia’s political struggle. The financial crisis has also made the social situation increasingly tense. The Primakov government has adopted a stable and adjusted economic policy after taking office, striving to stabilize the political situation and strengthen the government’s market regulation. And the intervention in the economy, stabilizing the currency system and the ruble exchange rate, ensuring social stability, etc., have seen a glimmer of light in the Russian economy and re-established people's confidence in the Russian government. Although Russia has changed its prime minister for two consecutive terms after Primakov, each government has adhered to the basic program of stabilizing finance and restoring production. This has created a good way for Russia to alleviate the impact of the financial crisis and restore its own production. condition.

The international financial organization's re-arrangement and debt restructuring of Russia's debt have significantly reduced Russia's debt repayment pressure, creating conditions for alleviating the crisis and then recovering. Today, Russia’s total domestic and foreign debts exceed 220 billion U.S. dollars, while the total foreign exchange reserves of gold at the beginning of this year were only 12 billion U.S. dollars.

In view of this, the Russian government had to negotiate with Western countries to postpone the repayment or reduce or exempt foreign debts. At the same time, based on the experience of international bank debt restructuring, in the past more than a year, Russia has made the national bonds and national bonds frozen after the crisis broke out. Huge foreign debts have been restructured, thus avoiding the crisis of insolvency.

Russia’s domestic ruble exchange rate has greatly depreciated, which is conducive to improving the competitiveness of its export products. The increase in energy prices in the international market this year is also very beneficial to Russia. Oil exports alone can bring Russia about 20 billion U.S. dollars. Foreign exchange income, other prices such as natural gas, copper, and aluminum are also rising ~ www.wuxiamtl.com~ These can increase Russia's foreign exchange income.

Yeltsin came here this time mainly to strengthen ties with China and fight against the economic and political pressures of the United States and the European Union. At the same time, because of physical factors, he wanted to pave the way for his successor Putin. Fan Wubing took advantage of this time to see him. In fact, I hope to meet these two important Russian politicians in order to enter the Russian market as soon as possible.

Although there are always problems of one kind or another in Russia, no one can deny that no country will always go bad, and Russia is the same. For oil and natural gas and mineral resources, Fan Wuyao has a very persistent pursuit. At this time, if you can get an access permit, that would be the best.

In fact, Fan Wubing’s request to meet with Yeltsin was also in line with Yeltsin’s own needs. He was in need of a large amount of foreign investment. Fan Wubing’s appearance at this time made him feel that it was a good opportunity.

So early the next morning, Yeltsin took advantage of the opportunity of meeting with a Chinese doctor to conduct a group consultation for him, and had secret contact with Fan Wubing. Fan Wubing's role at this time was nothing more than a genius doctor.

Of course, the topics the two people talked about have nothing to do with the condition of the illness.