Talking about the science and technology innovation board has sparked a heated discussion among hundreds of millions of shareholders. The Lujiazui Forum, which investors are looking forward to, has not brought substantial benefits beyond expectations. The views put forward at the meeting were still the same old tunes and had no new ideas.
Looking back on the development of the Science and Technology Innovation Board in the past five years, the amount of financing has exceeded one trillion yuan. In the past five years, countless retail investors have gone bankrupt. However, exchanges, listed companies, securities companies and other institutions have made a lot of money. They defend 3,000 points all year round, but they don't know what to be proud of in such an achievement.
The mainland has always been committed to building a capital market power, and the realization of this great dream seems to be far away. The verbal and written criticism of the shareholders is a deep reflection on the current situation of the mainland's capital market.
The capital market, as an important pillar of economic development, should provide investors with a fair, just and transparent trading environment. In reality, however, there are many problems. It is the basic system of the mainland's capital market that is not sound. For a long time, the mainland's capital market has relied on policy guidance rather than market self-regulation. This leads to a serious information asymmetry in the market, and it is difficult for investors to obtain real investment information.
It is the lack of supervision of the mainland's capital market. In the five years since the establishment of the STAR Market, although the regulatory authorities have taken some measures, the effect has not been obvious. There are still a large number of violations of laws and regulations in the market, such as stock price manipulation, insider trading, etc. These actions seriously damage the interests of investors and undermine the fairness of the market.
There are also problems with the investor structure of the mainland capital market. Compared with the international mature markets, the mainland capital market is dominated by retail investors, and retail investors often lack professional investment knowledge and risk awareness. This leads to them being susceptible to emotions and blindly following hype in the face of market volatility.
We cannot ignore the progress made in the mainland's capital market. In recent years, the regulatory authorities have been working hard to improve the market system, improve the level of supervision, and protect the rights and interests of investors. For example, policies such as the registration system and new rules for reducing shareholdings have been introduced, and the market supervision of listed companies has been strengthened. At the same time, it is also strengthening investor education and raising investors' risk awareness.
To build a strong capital market country, we need to start from many aspects. It is necessary to improve the basic market system and enhance the market's ability to regulate itself. It is necessary to strengthen supervision and control, severely crack down on violations of laws and regulations, and maintain market fairness. It is also necessary to optimize the structure of investors, improve the professional quality of investors, and cultivate long-term investors.
Of course, all these efforts require time and patience. We must believe that with the firm determination of the mainland government and the joint efforts of the vast number of investors, the mainland's capital market will gradually mature and realize the dream of becoming a strong capital market. At that time, hundreds of millions of shareholders will also enjoy the real benefits brought by the capital market.