Dongdengwen: 5 19 is a stale symbol

Washington (Reporter Zhanghui) "5 19" What does it mean for the 10 anniversary? Is it a bull or a bear market?　　Yesterday, Professor Dongdengwen, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, said: "5 19" is an old symbol, representing only the past history of the Chinese stock market, a scene-policy city, the sharp plunge, speculation rampant. Dongdengwen that, looking back over the past 10 years of the road, China's stock market movement from "policy-oriented" to "policy guidance."　　And this is a transformational change, in general, the split share reform as a node. 1998, the State Council first established "The goal of China's state-owned enterprises reform is to establish a modern enterprise system", and to start the "stock market for state-owned enterprise financing services" of the huge function. Starting from the end of 1998, large quantities of state-owned enterprises, especially large, oversize, super carrier-type state-owned enterprises have landed a-share and H-shares of the city often 1998-2008, ten years, all walks of life, large-scale state-owned enterprises basically completed the restructuring of the listing, which directly changed the　　With the expansion of the stock market capacity, especially the large stock market, they have given China's stock market stable and healthy development of an important cornerstone, not only to solve the Chinese "pocket" stock market inflation slump problem, but also conducive to the "stock market as an economic barometer" function. Starting in May 2005, "Split share reform" has a profound and great market significance: through the full circulation of capital, through the lifting of the "non-tradable", can release a huge exchange of energy, expand market supply, restore market real pricing mechanism, reactivate the market resource allocation of popularity.　　Therefore, the full circulation of equity means that China's stock market "market-oriented" has taken the most crucial step.　　Dongdengwen that China's stock market will still face two important problems in the era of full capital circulation: first, the reform of marketization and legalization, and the internationalization reform. Background Information 5 19 market in May 1999, just as the world bull market continues to record new highs, the Chinese stock market is the opposite, and attempts to again bottom 1000, the crisis, the Chinese government decisively shot, immediately launched a series of "bailout" policy: Clean up the OTC market taste open the legal financing channels of securities companies　　, the expansion of Securities Investment fund pilot and other major "positive." "Bailout" policy immediately, May 19, 1999, Shanghai and Shenzhen stock market broke out in the history of the famous "5 19" market.　　The same day, the Chinese stock market Gaokaigao go, all the way to high, and a bald head of the big Yang Line, the Shanghai Composite Index soared 4.64% a day, the turnover of the first 2 billion yuan to 4.2 billion yuan. "5 19" market lasted 32 days, the Shanghai Composite Index from 1047 to 1756 points, that is one months time the market soared 78%! In these one months, the maximum daily turnover of more than 40 billion yuan, is "5 19" the day turnover 10 times times. After that, China's stock market was led by tech stocks, a wave that lasted more than two years. ShanghaiRefers to a successive breakthrough in the integer pass, set a record high of 2,245 points. This is the Chinese investors and analysts have been talking about and can't bear to forget the "5 19" market.