2018-06-25



Opening-up is the only way out for A-share market


According to data from the China Securities Regulatory Commission, the number of accepted cases for China Depository Receipts (CDR) and Initial public Offerings (IpO) totaled 307 as of June 21. In contrast, the number of firms under review reached as high as 665 in 2016. The difference of nearly 400 reflects that the IpO traffic jam has been alleviated.


There are still a decent number of companies lining up for IpO approval, which means more companies vying for capital on China's stock market. Domestic capital alone will not be able to meet the financing demands of so many companies.


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Considering more companies will go through the IpO process in the future, speeding up IpO application processing will require continuous market reform and opening-up to eventually turn the equity market in China into an open and solid one.


The Shanghai and Shenzhen stock markets, which have around 3,500 companies listed, plunged on June 18 and have shown no signs of revival yet.


The stock markets in the US and even Hong Kong, which have many companies listed, have had better performance due to cross-border listing. Renaissance Capital reckoned that as of June 13, IpOs raised $22.8 billion this year in the US, ranking first in the world. The number was $3.3 billion for Hong Kong, where cross-border listing has played a crucial role. So far this year, overseas listings have financed $16.6 billion worldwide, a 15-percent increase in terms of capital volume and an 18-percent increase in terms of transactions compared to last year. In the first half of this year, the US has been the IpO destination for 13 Chinese companies. Hong Kong, which had 18 mainland companies conduct IpOs, has continued to become the most favorable IpO destination for mainland companies.


A more open capital market will be able to attract foreign capital to invest in the domestic market. International capital will bring a number of benefits. One is its ability to enrich the domestic equity market and help it reach a deeper level. But the current equity market in China still has room to become more open and inclusive. The A share stocks held by foreign capital accounted for less than 2 percent of the total A share market value. After five years of efforts, 226 A share stocks finally joined the MSCI emerging market index on June 1. The process has two steps. First, 226 A share stocks were given a 2.5 percent inclusion factor, representing an aggregated weight of 0.39 percent of the emerging market index. In the next step, these ratios will increase to 5 percent and 0.73 percent, respectively. Apparently, China's huge GDp is still mismatched with Chinese stocks' weight in the MSCI.


The bond market is a similar story. Foreign capital holds 6 percent of domestic bonds. It is significantly lower than the 30 percent for the US and Japan's 11 percent. According to an estimate from Goldman Sachs, as opening-up continues, the Chinese bond market will increase to 146 trillion yuan ($21.93 trillion), which is double the current size. Twenty-two percent of domestic bonds are expected to be held by foreign investors by 2020.


Another benefit is that opening-up will promote reform and regulation. If foreign capital flows in the market, China's equity market has to be prepared with better regulation and supervision, protecting investors' interests and ruling the market by law. Otherwise, foreign capital will not come. In the past, China's equity market was distorted by too many administrative orders and not running solely through the market mechanism. Without bringing in foreign capital, China's equity will never have adequate pressure to step up.


So far, 80 percent of investors are retail investors in the Chinese mainland, compared with Hong Kong's 20 percent, 30 percent in the US and 11 percent in the UK. Despite the number of retail investors being so great, they cannot nurture a mature market.


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Eliminating retail investors is necessary for the market's development. Many retail investors will not be able to conduct fundamental analysis, and their investment is less likely to be based on companies' value, limiting returns.


For the stock market to become more internationalized, it will have to accelerate the process of shrinking down the size of the retail investor group and create a better investment structure for A shares. The market probably will be more volatile due to the amplified influence of the international market. Compared with retail investors, cornerstone investors will have better opportunities to thrive for higher returns with their advantages in experience, talent and the amount of capital.


It will be difficult to address the predicament of the Chinese equity market's sole reliance on domestic capital. The new round of opening-up will encourage foreign capital inflow, which will help build an exuberant domestic equity market. Moreover, foreign capital will force the market to perfect itself. As the past 40 years have shown, reform and opening-up is the only way out for China's equity market.


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2018-06-06

教育部廢除“985”“211”,不能“換湯不換藥”


  文章導讀: 近日有消息稱:國家將廢除“985工程”“211工程”。對此,教育部回應稱,將對新時期高等教育重點建設做出新部署,將“985工程”“211工程”“優勢學科創新平台”“特色重點學科建設”等重點建設項目,統一納入世界一流大學和一流學科建設。迪士尼美語世界平靚正

  廢除“985”“211”不能“換湯不換藥”

  廢除“985”“211”不能“換湯不換藥”

  有關“985”“211”“廢除”的傳聞,來自教育部官網2016年6月23日發布的一份文件,當中382份規范性文件被宣布失效,其中就包含《關於繼續實施“985工程”建設項目的意見》等相關文件。隱藏如此之深,還被揪出並且成為熱聞,由此可見“985”“211”在民間有多麼敏感。

  在《城市的勝利》一書中,美國學者格萊澤拋出一個觀點,他認為,“打造優秀城市的最好方法是建立能夠吸引與培養人才的學校”。城市如此,國家亦是。

  根據教育部的描述,“雙一流”的前景十分誘人。在舉國高度重視教育的當下,試想有那麼一天,我們的高校大步朝世界一流邁進,特別是像北大清華這樣的高校成為實至名歸而且排名靠前的世界一流名校,這一幕是多麼讓人神往。

  但這畢竟只是神往,要想成為生動現實,就必須吸取“985”“211”的經驗教訓。

  雖然教育部在回應中肯定了“985工程”“211工程”取得的成績,但既然被廢除,一定程度上說明“985工程”“211工程”有所不足。這些年來,對於“985工程”“211工程”,一直有人替自己所在的省份,替自己所在的高校打抱不平。其中一個突出的聲音是,“985”“211”過於集中在某些省份,其他省份只能望而興歎。

  誠然,“985”“211”的帽子不可隨意發放的。問題的關鍵是,形勢是在不斷發展的,高校本身也在不斷發展,如果沒有退出機制,也就比如講,一些高校當初沒有資格進入“985”“211”,但後來發展了,具備了一定資格,這時如果還是排斥在圍牆之外,則是一種變相打壓;而一些當初可能夠格的高校,在後來發展上落後了,這時如果還是霸著椅子不放,則是一種變相保護。這一背景下,競爭從何體現?
探索四十學習研修中不斷思考、認知、體驗和調節,讓自己表裡如一地走出自己想要的人生。

  市場需要競爭,高校也需要競爭。只有形成一個良性競爭機制,才會出現百舸爭流。過去“985”“211”的最大問題就是沒有競爭,存在“一進定終身”。而現在搞“雙一流”,不能濤聲依舊,重複過去的老路。具體地講,誰進入誰不進入,必須要有明確和科學的標准,更重要的是要有“退出機制”。

  進入的高校並非一勞永逸,如果失去了進取之心,就會有摘牌之虞;一時沒有進入的高校也不是永遠沒有機會,只要堅定地往前走,就有彎道超車的可能。

  欣喜地看到,有教育部官員明確表示,“在遴選上,會有滾動淘汰的機制加入”。從字面理解,所謂“滾動淘汰的機制”,就是退出機制。而且,新建設方案會給一些之前沒入圍“985”“211”的學校一些機會,以前入選的高校,並不一定會被確定為“雙一流”。

  換而言之,這一次“板凳桌子一樣高”,大家憑實力說話,具備實力就列入,不具備實力則在城外。而且,圍城始終有門存在,只要努力,發展好了,終有列入的一天;一旦松懈,止步不前,就可能被拉下馬。

  廢除985不能“換湯不換藥”。如果只是換一個名字,而其他並不改變,這樣的廢除並無意義。只有吸取“985工程”“211工程”的經驗教訓,真正建立退出機制,形成競爭機制,這樣的一退一進才有意義。
迪士尼美語 評價兩極,除主流反對聲音以外,用家分享重要考慮要點。在學習英語的過程中,同時灌輸正向的處事方法,幫助培養小朋友的品德。