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original title: make good use of the "ballast stone" role of medium and long-term funds

the recently held meeting of the political bureau of the central committee proposed that efforts should be made to boost the capital market, vigorously guide medium and long-term funds to enter the market, and open up the congestion points for social security, insurance, financial management and other funds to enter the market.

guide medium and long-term funds to enter the market and give full play to its role as a "ballast stone" in the capital market. policies are deployed and investors have expectations. encouraged by policies, the proportion of medium- and long-term funds entering the market has increased in recent years, and the market influence and voice are growing. but generally speaking, the current capital market still faces problems such as insufficient total medium and long-term funds, poor structure, and insufficient leadership. the institutional environment for "long-term money and long-term investment" has not yet been fully formed.

from an analysis, there are three main reasons: first, some listed companies are of poor quality and lack investment value, which affects the willingness to make long-term money; second, the proportion and scope of funds such as social security, insurance, and enterprise annuities are still limited in the market. there are many restrictions that inhibit the enthusiasm of long-term money to "come"; third, financial fraud, insider trading, stock price manipulation and other behaviors appear from time to time in the capital market, which shakes the confidence of long-term money to "stay".

prescribing the right medicine can treat both the symptoms and the symptoms. to give full play to the role of medium- and long-term funds as a "dwelling needle" and strive to boost the capital market, we need to not only prescribe the right medicines for pain points and blockages, but also target key and difficult areas with sufficient doses, and work hard on guidance to make "more money, more money" longer and better returns”.

greater efforts to cultivate institutional investors is an important prerequisite for “making more money”. public funds, pension funds, banking and insurance institutions, etc. are representatives of professional institutions among investors and are also the most important sources of medium and long-term funds in the capital market. efforts should be made to strengthen the team of institutional investors and expand their fund utilization stage. on the one hand, we will focus on the development of equity public funds, further optimize the registration of equity fund products, promote the innovation of index products such as broad-based etfs, and significantly increase the proportion of equity funds; on the other hand, relax the entry of all types of medium and long-term funds into the market proportion and scope, enrich the types of investable assets for medium and long-term funds, improve the flexibility of long-term investment, and open entry channels for more willing and capable long-term investors.

greater efforts to improve the supporting institutional environment are the key to "making money longer". the assessment system is like a baton, guiding the preference of funds for long-term investment or short-term investment. at present, corporate annuities, insurance funds, etc. still tend to be short-term in assessment, which has led to some institutional investors making long-term investments and short-term investments, and the phenomenon of "retail-oriented" operations is serious. in the future, it is still necessary to improve the inclusiveness of the supervision of medium and long-term capital equity investments, improve and promote the long-term assessment mechanism of more than 3 years, and correct the short-sighted behavior of institutional investors with a longer-term performance orientation, and guide them to make firm long-term investments and value investments. who.

greater efforts to create a good market ecology are the fundamental guarantee for “better returns”. whether it is long-term funds or short-term funds, maintaining and increasing value is an important pursuit of investment in the market. to attract more medium and long-term funds to enter the market, we need to further optimize the capital market ecology, continue to improve key basic systems such as issuance and listing, trading, and delisting, improve the inclusiveness and accuracy of the system, discover and support more high-quality companies to go public, and we insist on making the protection of investors’ rights and interests a top priority.

accelerating the construction of a financial power and promoting high-quality economic development are inseparable from the healthy operation of the capital market. starting from vigorously guiding medium and long-term funds into the market, we strive to boost market confidence, activate enthusiasm for trading, promote market valuations to return to reasonable levels, and better serve the development of the real economy. this is a necessary and urgent topic. (economic daily)