Capital market development and the development of the other elements of the market

As well as the entire social equity and justice and democracy and the rule of law, a high degree of correlation. Continue to improve market efficiency, optimize the allocation of resources is an eternal theme. The U.S. Facebook company listed on the "new" and "fried new phenomenon, even mature market there are many ignore sexual behavior. JP Morgan Chase "London Whale" event is warning everyone, even the best performing banks in the crisis, its risk control may still exist very terrible weak link.

    The global financial crisis in 2008, the United States could have been the center of the financial turmoil in Europe only be affected, but the concussion occurred three years later, the U.S. economic recovery is much faster than the European. So far, the U.S. GDP to achieve 12 consecutive quarters of positive growth, the size of their output has been restored to pre-crisis levels, while the euro-zone economy has fallen into negative growth. The different structure of the financial system, is a very important reason to explain the difference between the two. The direct financing based economies showing greater flexibility and faster recovery. This is mainly due to the extensive grid tie inverter are better able to participate in group dispersed market impact, and resolve the adverse effects of the crisis. In fact, even in the most serious crisis of the Year, all impact on the real economy of the United States is limited, cash-rich big business, truly innovative companies can still from the equity market and high-yield bond market to raise the funds needed.

    Long before the subprime mortgage crisis, two economists of the International Monetary Fund had 17 of 84 post-crisis economic recovery. The results show that the direct finance-oriented economy of the United States, Canada and Australia, recovery speed and quality is much higher than the bank-led economies such as Belgium, Italy, Spain and Portugal. University of Chicago economists have observed two of the United States and other countries in the evolution of the financial structure of the 20th century, they found that, in 1913, the market value of the stock market and bank deposits ratio is roughly 1:1,1960 years to recover to 1929 the 2:1 level, in 1990 close to 3:1,1999 this ratio rose to 9:1. People said the United States are still firmly occupy the commanding heights of the global financial markets, said to be firmly in the hands of international economic hegemony, the main basis may be the fact.

Need to promote the scientific development of the grid tie inverter under hard efforts

    China has no reason not to become a world-class solar grid tie inverter . However, we can not easily achieve this goal. We must keep our feet on the ground to move forward. In the near term, we are faced with the arduous task as follows:

    Unswervingly deepen issue and delisting Reform. Increase the supervision and punishment to illegal behavior in the IPO process, and enhance the sense of responsibility of the industry bodies and legal awareness. Pay close attention to the implementation of the the delisting system motherboard, the SME board reform program, to do a good job in the implementation of the convergence of the old and new systems, to strengthen the monitoring of the specific implementation process, the timely detection of risk measures to ensure a smooth transition.

    Accelerate the development of a multi-level, multi-product of the solar grid tie inverter system. Vigorously develop the bond market, and actively promote a unified regulatory over-the-counter market, regulate the development of the regional equity market. Steadily develop the futures and derivatives markets, the formation of multi-level wind grid tie inverter  system, strengthen the wind grid tie inverter coverage and tolerance. Strengthen product innovation, earnestly SME private debt pilot launch oil futures and bond futures, broaden the channels of the financial management of residents.

    Pay close attention to the listing of corporate governance structure is perfect. Adhere to the "gateway" to move forward to focus on the soundness of corporate governance in the listing process, whether to clear the balance of powers and effective system constraints. We should pay more attention to the supervision of the board of directors of listed companies, the Board of Supervisors of the operation, to ensure that the governance framework to be effective. Only the listing of the company's quality reliable, the basis of the stock market in order to strike a prison.

    Foster institutional investors with greater determination and more detailed service. Growth of the wealth management industry, increase the efforts of opening up to the outside world, the introduction of a variety of specialized institutional investors to participate in the grid tie inverters to provide a fair and efficient platform for enterprise annuities, social security fund, housing provident fund and pension. When the insurance industry also ranked sixth in the world, mutual funds also ranked outside the top 10 in the world, we can hardly have a strong and mature grid tie inverter.

    Continue to improve market efficiency. Always to protect the interests of investors in the first place, strengthen market investment, building a mature and rational market culture; to strengthen the intermediary institution-building and wind grid tie inverters judicial system construction; correctly handle the relationship between government and the market, and promote market-oriented reforms; maintain fair competition market order, strengthen the disciplinary mechanisms, sound credit system.

    Firmly hold the bottom line of the non-occurrence of regional systemic risk. Under the State Council unified deployment and leadership, to speed up the clean up and rectify the non-standard market place. The financial crisis has shown, in addition to strengthen the supervision of the market microstructure body needs to strengthen macro-prudential supervision, in particular, to prevent systemic risk. Before the subprime crisis, the U.S. real estate loans to GDP ratio up to 90%, much higher than the level of 30% to 40% in other countries, this may be the most intuitive first early warning indicators, but did not cause enough attention of regulators. Should learn from this lesson, must strengthen macroeconomic analysis, and to strengthen the collaboration between different regulatory authorities and local governments to prevent systemic financial risk.