Stock traders are most afraid of ups and downs in the market, and countless ordinary investors long for a solid stabilizer in the capital market. What are the essential differences between the long-discussed stabilization fund and overseas bailout tools? Can this major capital policy really solve the problem of stock market fluctuations and rewrite the A-share ecology?
At the "This Is China" program broadcast on March 30, an audience member with daily financial management experience asked the guests: As a key capital policy, what central role will the stabilization fund play in the capital market in the future? Can it fundamentally change the current situation of high stock market volatility?
In this regard, Zhang Keliang, a researcher at the Central University of Finance and Economics, took the lead in clarifying public misunderstandings. He said that stabilization funds in Western countries are only temporary emergency tools. They are used to support the market when the stock market plummets, and are gradually withdrawn after the market recovers. They focus on short-term firefighting throughout the process. In the previous battle to defend the 3,000-point A-share market, many experts proposed the establishment of stabilization funds, which copied overseas short-term market rescue models.
However, in Zhang Keriang's view, China needs to create a localized stabilization fund, establish a long-term normalized "national team", and continue to play a role in regulating the market and calming irrational fluctuations. At present, Central Huijin has assumed the market stabilization function of quasi-stabilization funds and has become an important support for the capital market. In the future, exclusive standardized stabilization funds are also expected to be steadily launched.
Professor Zhang Weiwei, Dean of the China Institute at Fudan University, further sublimated his views. He highly recognized Zhang Keliang’s suggestion on the central bank’s participation in the stabilization fund layout, believing that this idea accurately fits China’s national conditions and demonstrates the advantages of the system. He emphasized that the Chinese government has extremely high credibility and credibility, which is the core confidence for the steady advancement of stabilization funds. As a socialist country, the state controls a wealth of various resources and has strong macro-control and resource integration capabilities. This advantage is also fully reflected in the people's trust in the country. Any bonds issued by the state can be widely recognized and actively subscribed by the people. This deep trust foundation is not only reflected in the people’s active subscription of state bonds, but also stems from the country’s long-term responsibility and governance capabilities. It also lays an unshakable solid foundation for the establishment, operation and long-term development of stabilization funds with Chinese characteristics.
