Beijing Business daily: Financial Regulation policy has different frequency

Expert: The policy tentative intention is too obvious the contradictory things of the commercial news will also happen in the exceptionally rigorous financial market. Just as the chairman of the CBRC warned that banking financing should not be too reliant on capital markets, the central bank issued a note that financial market financing would continue to expand this year and that the financing would be directed at Banks ' supplementary capital.　　Experts use "chaos" to describe the current policy caliber, and say that the current policy tentative intent is too obvious. Mr Liu has expressed his demand for bank refinancing on several occasions for the collective decline in the capital adequacy rate caused by the banking sector's massive lending. In addition to not rely on the capital market, but also stressed that guide the banking industry to grasp and scientific use of the new rules as an opportunity to adhere to the risk of the bottom line, effective control of banking outstanding risks.　　These requirements are seen by the industry as an effective means of controlling the annual credit growth below 7.5 trillion yuan. However, the central bank said in its 2009 China Financial market Development Report that the financing of financial markets will continue to expand this year. The basis is that the financing capacity of banking financial institutions will increase, and the market financing subject will be further increased. This was then interpreted by the market as the banking refinancing pressure to be released, is "positive" news. "From the capital market a large number of ' draw blood ' is a bad effect, is now interpreted as positive, is the CBRC's previous requirements of the overkill."　　Lu Ying, deputy director of the Center for Financial Research at Peking University, said. And the banking sector "pumping blood", the main purpose of the fund is to issue new credit.　　"In this way, a moderately loose monetary policy will face greater challenges," said Lu Ying, who had previously prompted banks to shift their profit-growth models. At the same time, the central bank said in the report, financial regulation should avoid market fluctuations, balance support for economic development and maintain financial stability. This message was identified by the market as a stable stock market. "The sharp fall in the stock index proved that this was wrong and could not pass on the banks to the stock market."　　"In this respect, Guo, director of the China Banking Research Center at the Central University of Finance and Economics, said that, in the view of many experts, the recent frequent failure of the regulatory level, in some way, to test the role of the market, and the market response is often excessive. Previously, the CSRC had made it clear that it would strengthen the supervision over the financing of real estate enterprises.　　The Securities and Futures Commission did not say it wanted to suspend financing, but rumors of a moratorium on equity financing for real estate companies spread. China Securities Regulatory Commission said 28th this month, the SFC did not suspend equity financing of real estate enterprises, the relevant application is normally accepted.　　At present, the Ministry of Land and Resources has completed the first trial operation of 25 enterprises. Not only that, the CBRC officials said in public last week that the definition of the second suite is "recognize the house does not recognize the loan", that is, whether the first suite is a loan to buy, and then purchase all two sets of calculations. Policy a market uproar, some people questioned the definition of two suites of the workload is huge, not operable.　　Immediately after a regulatory voice called the second Suite "recognize the house and loan", but the market has overreacted to the news. "RegulatoryLayer should be responsible for the current market direction, the endless temptation is probably counterproductive, but also a loss of stability. "Lu Ying said.