Call of lack of confidence in the stock market crash rescue the five policy.

The stock market fell for several days <P> the situation, China University of Political Science, Professor Liu Jipeng March 18, said index below 4,000 points is a non-rational behavior. .Calls for the stock market down with Irrational restore confidence, the main policy measures have to adjust the stamp duty, ordered to guide "the size of non-" lifting of the ban five major measures to restore to "5.30" previous levels. .</ P> <P> Renmin University of China Wu Xiaoqiu Finance and Securities Research Institute, said, "The stock market is in this situation, any person would want to see. If left unchecked, will undermine the development of capital markets, the basis for further reform, .shaken investor confidence, the results to the share reform brings huge impact. "</ P> <P> It http:// hearing, Wu Xiaoqiu that the" stock market for many reasons behind the decline, but the fundamental thing is very fast from the supply .growth. Not only is the IPO, is not only a refinancing, but also the size of the arrival of non-lifting of the ban. If then the GEM into account, the supply increase will be faster. We now see only the supply of growth signals, but did not see the increase in capital .signal. "</ P> <P> Liu Jipeng also expressed the same view. .He pointed out that "from fear index up, afraid to trap people, to the inhibition of the stock market rising too fast, not only suspended the issuance of new funds, but also speed up refinancing the scale and speed of expansion. The one hand, contraction of unrestricted funding, a .side to increase demand for funds, leading to the market there is a problem on the cash flow and ultimately affect the healthy development of the market. "</ P> <P> this regard, Liu Jipeng recommendations from the stock market overall cash flow analysis and .to make rational planning. .Capital supply in the open as soon as possible, while expanding the scale of QFII market, regulators refinancing of listed companies should conduct strict supervision and guidance order "size not" lifting of the ban. .</ P> <P> Wu Xiaoqiu also suggested that, from a strategic point of view corresponds to a huge demand for the supply of policies to promote the strategic balance demand and supply. .From the supply side perspective, first of all, the size of the non-lifting of the ban is inevitable under the premise of finding ways to control the growth rate of supply of such stocks, in particular, lifting the state shares, to be as strictly controlled. .In addition, to reduce the incremental supply, slow down the IPO appropriate pace, and strictly control the refinancing rate to a clear signal to the market. .On the launch of the GEM, but also relatively cautious introduction of the GEM proposed to be suspended, even if introduced, the scale should be relatively small, otherwise the market unsustainable. .</ P> <P> Wu Xiaoqiu that, more importantly, demand level, the face of huge supply of stock and increment, continue to develop to match demand. ."We can not call all approach, but we can at least sending out admission of the loose money policy signals, for example, the time is ripe to adjust the stamp duty, if not back to one thousandth, you can unilaterally impose. The Government to reduce .revenue is very limited, but very meaningful on the market. In addition, private equity funds should be allowed to enter the market legal and regulatory compliance, giving it clear legal status and create diversified sources of funds. Again, control of inflation is of course an important goal of economic work ., but the control and control of stock price inflation rose to separate, so the use of hedging instruments of liquidity, all easy to have a significant impact on the stock market, a little flat to some, to consider the affordability of the capital market. "</ P .> <P> for re-financing rules, as a member of the Wu Xiaoqiu Commission issuance examination committee, said rules need to refinance some adjustments. .Proposed to strengthen the use of funds for re-financing, project feasibility, rate of return, financing rationality review, in particular, the scale of financing, the need for more clear standards limited. ."The biggest problem currently is that refinancing is no clear limit on the size, consider setting some standards, such as the refinancing can not exceed the size of net capital, 50% of net assets related to material assets reorganization, shall not exceed the net capital .100% of the other. "At the same time, refinancing for financial enterprises, Wu Xiaoqiu that its main purpose is to supplement the core capital, coupled with no certain investment projects, so the review should be" relatively more stringent. " .</ P> <P> imbalance between supply and demand in addition to the financial side, the Liu Jipeng pointed out that the market is a lack of investor confidence. .One strategy is to adjust the stamp duty policy as soon as possible, to restore to "5.30" previous levels. .At the same time, be appropriate to make some adjustments in the trading system, such as the introduction of T +0 system, the signal through the release of the policy to revive investor confidence. .In addition, Wu Xiaoqiu also suggested that stock index futures, margin trading should be introduced now, in order to facilitate the market senses. .</ P>.