The tide of capital surges: the confluence of multiple factors, such as RMB appreciation, share-trading reform and rapid economic growth, gave birth to this unprecedented bull market in China stock market. The development of bull market not only triggered a huge wealth effect, but more importantly, it also gave birth to a brand-new era in China's economic history-the capital era.
The capital era is an era in which assets become capital, technology becomes capital, capital becomes capital, and credit becomes capital. It is also an era in which market mechanisms are reset, market concepts are reshaped and market functions are rebuilt. China's entry into the capital era means a comprehensive transformation of the economic system and mechanism.
Social and economic development has entered the capital era, and its most important and core symbol is that the will of capital is fully reflected, the energy of capital is fully released, the potential of capital is fully explored, and the mechanism of capital is fully developed. This is an era of great transformation of growth mode. Institutions safeguard the interests and boundaries of capital, and capital promotes the operation and development of economy-social economy thus moves towards a virtuous circle in the vibration of capital and market, market and system.
The era of capital is an era of universal investment. All-people investment, all-people entrepreneurship and all-people wealth creation will become the mainstream of the capital era, and the financial awareness of the whole society will also be improved unprecedentedly in the development. At this time, the main manifestation of social capital will not be all physical objects but value, and the process of asset securitization will accelerate the movement of social capital. The process of changing funds into capital, technology into capital, assets into capital and credit into capital is not only a highly market-oriented process of social economy, but also a highly civilized process of social development. Whether China's economy can move from a big country economy to a strong country economy will largely depend on whether China's capital era can be accelerated.
The era of capital is an era of development and upgrading. In the era of capital, capital consciousness, which combines investment consciousness, speculation consciousness, interest rate consciousness, risk consciousness and credit consciousness, will become the dominant consciousness of social economy; The capital mechanism, which is formed by the integration of capital generation mechanism, combination mechanism, competition mechanism and value-added mechanism, will become the dominant mechanism of social and economic operation. The growth of enterprises will go through the transformation process from "administrative darling" to "market darling" and then to "capital darling". Enterprise competition will go through the transformation process from product competition to market competition and then to capital competition. Enterprise innovation will go through the sublimation process from technological innovation to market innovation and then to capital innovation. The capital market will bear the resource allocation function of the whole society with unprecedented cohesion, radiation, expansion and driving force, and effectively guide the capital flow, flow, velocity and process of the whole society.
The capital era that China is entering is such an era in which economy and society interact benignly and inject great vitality and motivation into economic development. It is an era in which people's awareness of capital and finance is unprecedentedly awakened and they participate in national development and wealth creation by means of investment. It is an era in which the resource allocation of the whole society moves from patchy and combination to integration and the efficiency of social resource allocation is comprehensively improved. It is an era in which the broadest masses share the social achievements and wealth effects of national reform and development and promote economic development from investment-driven to demand-driven. Let the proletarians have wealth and let the haves develop-this important and brand-new proposition will become the development theme of China's capital era in the 2 1 century.
The capital era will change China's economy from micro to macro. It is a qualitative change of China's economic system and mechanism to shift from banks as the main channel of capital allocation and the main mechanism of resource allocation to capital market. The arrival of the capital era is both a golden opportunity and a major challenge.
Entering the capital era in an all-round way is not a partial and superficial change, but a deep change from concept to development mechanism.
China's entry into the capital era will fundamentally change the resource allocation mechanism of the whole society. After the split share structure reform in China stock market solved the property right relationship of China enterprises, the reform of the banking system became the focus of the whole social resource allocation. Practice has proved and continues to prove that using commercial banks as the main channel of capital allocation and the main mechanism of resource allocation is not conducive to the promotion and development of China's economic marketization process, nor can it effectively realize the fundamental transformation of resource allocation mechanism. Instead, using capital market to replace commercial banks as the main channel of capital allocation and the main mechanism of resource allocation has incomparable efficiency and effectiveness.
In this sense, the large-scale migration of bank savings to the stock market is a natural response to the advantages of resource allocation in the capital market, an inevitable orientation of capitalization of social resources and funds, and an inevitable trend of market development. Therefore, we should not only be happy to see such a big transfer of funds, but also promote and promote the faster development of this process. This is the fundamental way to solve the excess liquidity in China's economy, and it is also the necessary condition to realize the virtuous circle of China's economy.
China's entry into the capital era will fundamentally change the administrative concept of the executive power institutions. Obeying the authority of the market is the main feature of capital and capital mechanism. The arrival of the capital era will inherently form an anti-adversity mechanism against administrative orders in the market, which will in turn promote the self-contraction and behavior change of administrative mechanisms. At present, the government's management and control of social economy mainly goes through two channels: one is the economic resources mastered by the administrative level, and the other is the credit scale of commercial banks. It is precisely because of the huge amount of credit funds held by commercial banks that the government's administrative will can be constantly reflected and the management mechanism and administrative concept can not be changed. However, the behavior mechanism and behavior concept of commercial banks will not change, and the resource allocation function and mechanism of capital market will not be perfect, so the government's dominance over social economy will not be squeezed, and the objective evaluation mechanism of social economic operation and the internal operation mechanism of market development will be difficult to form and operate effectively. In the era of capital, this situation will be completely changed.
There are actually two perspectives to solve the problems in China's real economy: first, the development of the stock market is regarded as a negative factor in the operation of the national economy, and the macroeconomic policy based on this will inevitably go wrong; Second, the development of the stock market is regarded as a great opportunity to resolve the internal contradictions in China's economy and guide China's economy to a higher stage. Only by taking this as the basis can macroeconomic policies skillfully use market forces to realize the benign operation of the economy. Standing on such a commanding height to grasp China's economy, there is no reason not to welcome the arrival of China's capital era.
The generation and deduction of the big bull market not only formed the best opportunity for China's institutional transformation and development transformation, but also formed the best time with the lowest internal and external costs and the lowest cost.
The positive factors activated by the current bull market in China stock market and the financial consciousness awakened by it are the precious wealth of China's social and economic development at this stage, and are the favorable conditions for China to move towards a modern market economy in an all-round way and achieve more quality development and more efficient leap. All sectors of society should cherish this hard-won good situation and take advantage of the situation to promote China's faster and better economic development.
Standing on the commanding heights of the times to grasp the overall pulse of the market is the first requirement for China to enter the capital era. This bull market has changed not only the China stock market, but also the whole China economy. The premise of resource allocation in market economy is that the market evolves and operates freely without interference. Only in this evolution and operation can the market find the equilibrium point of price and market, and also form an effective resource allocation mechanism and a suitable resource allocation environment. In a stock market that requires investors to constantly ponder policy changes and trends, not only can scientific and correct values and development beliefs not be established, but the market itself is also difficult to produce smooth operation and due efficiency.
Standing on the commanding heights of the times to enhance the strategic space of the market is the second requirement for China to enter the capital era. Developing the capital market should not only become a national strategy, but also become one of the national leading strategies. In modern market economy, capital market is the core of market form, capital mechanism is the core of market mechanism, and capital flow is the core of market flow. Every aspect of China's economy is directly related to capital and capital market. Under the background of economic marketization and globalization, the strength of a country must rely on the developed capital market, and the prosperity of a nation must rely on the powerful capital era. As the best asset reservoir and the most effective resource growth point in China, the healthier the China stock market develops, the smoother the overall operation of China's economy will be, and the stronger the stamina and ability of China's economic development will be.
Standing on the commanding heights of the times to formulate market-oriented policies is the third requirement for China to enter the capital era. The urgent task for the development of China stock market is to improve the mechanism and perfect the system, which is an all-round system innovation and mechanism change. How much China stock market contributes to economic growth and how strong China stock market is in resource allocation depends not only on the depth and breadth of institutional innovation and development innovation in China stock market, but also on the degree of understanding and grasp of the development and institutional changes of the stock market by the government and management. Under the background that the cost of stock trading is greatly reduced all over the world, if China's capital market wants to take the lead in international competition, it must comprehensively reflect on the current stock market policy and lay a solid foundation for forming a good market environment and an effective market mechanism.