Strong domestic economic growth a-share market fell 11.75%

Strong economic growth, stock market falling, "circle money Market" triggering investor's discontent emphasizing financing function and strengthening the protection of investor's interest in spite of strong domestic economic growth in 2010, the A-share did not get much benefit, but became one of the world's worst performers in 2010.　　As of December 25, China's a-share market fell 11.75%, the world's second-lowest ranking. At the same time, a-share financing amount of the world's first throne. Data show that as of December 16, a-share market IPOs (IPO) and refinancing fund-raising scale of 934.644 billion yuan, excluding fund-raising costs, the actual fund-raising scale reached 910.571 billion yuan.　　This does not include the amount of funding for the two-week trading day after the end of the year. Back in the year, 2009 a strong rebound in a-share market, once let all parties to the 2010 a-share market prospects full of expectations. However, the reality has given investors blow. The stock market is the barometer of the economy. China's economy did better in 2010 than any other country, with GDP rising 10.6% per cent in the first three quarters of the year, and over Japan for two consecutive quarters, the world's second-largest economy.　　But what is the Chinese stock market performance that runs counter to the real economy's performance? If hard to find out this year a A-share of the world's worst cause, a veritable "circle money City" is the main reason. Since entering the 2010, on the one hand, the new issue speed up, small and medium-sized board, Gem IPO weekly batch, large stocks are eager; on the other hand, the scale of refinancing has been expanding, several major banks have implemented a large number of refinancing plans, a number of listed companies have followed up, formed a spectacular circle of Not only that, "size", "limit" and executive reduction also constantly draw blood from the market.　　In such a context, a a-share of the world's worst performance is a strong reaction of investors to the stock market circle of money dissatisfaction, that after the "reform", the Chinese stock market disorderly cutting, some listed companies "financing thirst" and other serious deep-seated problems and not fundamentally resolved, but there is a growing trend. As we all know, the investment function is the basic function of the stock market, the stock market has no investment function, attracts the investors ' wide participation, and loses the financing function. Any mature capital market in the world, its basic function positioning is an investment and financing market. For a long time, we reversed the causal relationship between investment and financing function, overemphasized the financing function of stock market, ignored or neglected the cultivation of stock market investment function, and made the stock market become the cash machine of listed company. On the one hand, accelerate expansion; On the other hand, under the cover of "marketization", the threshold of refinancing of listed companies has been lowered, so the listed companies, regardless of the quality and quality, have opened their jaws to the stock market "big birds bite", high price issue, higher price issues, the issuance of convertible bonds, high-priced allotment, the board The "three high" distribution more and more intense, multiplied the excess raise capital not only caused a great waste of resource allocation, but also to the market buriedA huge potential risk.　　The Yixieqianli financing has changed the supply and demand of the stock market, destroyed the investors ' confidence in holding shares, and made the stock index to be a vicious circle in which the market value of the two-tier market lost trillions. China's stock market needs to be globally influential, and its basic functions need repositioning. With the "Investment market" positioning of the stock market, the subject of investor interest protection can be highlighted. On the 20 anniversary of the establishment of the capital market, in addition to fully affirming the role of China's capital market in promoting China's economy, we must fully recognize the pace of the reform, the importance and urgency of changing the financing market for both investment and financing, and accelerate and strengthen the market system construction, so that the stock market truly realizes from "Circle Money City" to " Investment City "," Harmonious City "," inclusive City "and" Share City "change.