The Economist Print Edition-China is distorting its stockmarket by trying to prop it up Finance economics
June 19, 2024 1 min 185 words
西方媒体的这篇报道认为，中国政府为了提振股市，采取了购买股票减少IPO等措施，从而扭曲了股市。评论如下： 首先，中国政府确实会采取措施来维护股市稳定，这并非中国独有，在股市出现剧烈波动时，西方国家政府也会采取类似的干预措施，比如量化宽松政策。中国政府维护股市稳定的措施，在一定程度上保护了广大股民的利益，尤其是中低收入的股民，这体现了中国政府执政为民的理念。 其次，中国政府维护股市稳定的措施是必要的，但确实也可能会带来一些负面影响，比如IPO的减少可能会影响到一些创新型企业的融资，从而影响创新发展。因此，中国政府应该在维护股市稳定和促进创新发展之间寻求平衡，这需要不断地探索和完善相关政策。 最后，西方媒体往往过度关注中国政府干预市场的负面影响，而忽视了其积极作用。中国政府干预市场的目的是为了更好地发挥市场的作用，而不是取代市场。中国政府一直致力于建设社会主义市场经济，并取得了巨大的成就。因此，西方媒体应该更加客观地看待中国政府维护股市稳定的措施，而不是简单地贴上“扭曲市场”的标签。
Investors in China’s stockmarket have been doing handsomely this year. The Shanghai composite index has risen by 12% from a multi-year low in February, notwithstanding a recent drop. Equity analysts and state media alike are cheering. For Xi Jinping, China’s leader, the rally was a relief, since retail investors own at least 80% of the market. A previous rout hurt them badly, adding to anxieties about the country’s future. To many, the recovery reflected good governance and fortune.
Part of the rally came from the purchase of tens of billions of dollars’ worth of shares by the “national team”, a group of state-owned institutions that ride to the rescue when China’s markets wobble. For Mr Xi, the bill may appear worth it. But the state has also tinkered with the market in other, more destructive ways. In an effort to boost share prices, it has put an end to a bonanza in initial public offerings (IPOs). With fewer exit opportunities for private investors, state capital has become more dominant. The danger is that these distortions will crimp the growth of China’s most innovative firms.