The 13Th Five-Year Plan Outline Deletes The Contents Of "Strategic Emerging Industries Board".

In the press conference after the two sessions this year, the issue of financial securities market was first raised.

The central high level said innovation development and risk prevention and finance.

Never be separated, but at different stages of market development, the emphasis of policy is different.

To undertake this topic, the eager investors can not help asking: is the focus of our securities market policy should be placed on innovation development or risk prevention?

According to my understanding, in addition to the special period policy emphasis should be placed on the prevention of risk above, usually the focus of policy is on the development of innovation.

Development is the eternal theme of the securities market.

Then, what is the special period? For example, the stock market crash that began in June last year is a special period. It is necessary to take precautions against risks as the emphasis.

But now China

Basically, we have bid farewell to the stock market crash and the market has entered a relatively normal state. Of course, investors are still afraid of the stock market crash.

Therefore, the current stock market should focus on innovative development, especially on the basis of development.

But that does not mean that risk prevention is not important.

In fact, for investors entering the stock market, the string of risk prevention is always stretched.

Investors should always be aware of risks.

Personally, risk prevention is always the first priority.

Therefore, even if the emphasis of the policy is on innovation and development,

Still the top priority for investors.

On this issue, it is necessary for investors to distinguish the emphasis of policy from the individual focus of investors and not to confuse the two.

In terms of national policies or securities markets, development is always the first priority except for a special period.

But what "development" needs is clear policy.

Personally, I think development can not simply be understood as the increase in the number of listed companies.

Development should be multi-layered, for example, the rise of index should also be an important part of development; the delisting of junk companies is also a development; the improvement of stock market system (such as severe punishment law) is also a development, and the protection of investors' rights and interests is also a development.

Only by understanding the development and giving the development to multiple levels, can the development of the securities market take the track of healthy development.

Blindly pursuing the development of "multi issue new shares" is only a kind of abnormal development, and it is a manifestation of the unhealthy development of the stock market.

Such a market is actually a "money market".

For example, in recent years, the A stock market has always held high the banner of innovation, and has also launched many innovations.

These innovations are usually for a small number of investors, especially institutional investors.

In fact, it is the stock market innovation that has not suited to China's national conditions in the past, which created the "leverage bull market" of -2015 in 2014, and thus formed an unprecedented stock market crash in China's stock market.

The lesson is that China's stock market and the vast majority of investors need to bear in mind.

Therefore, even if the policy focuses on the side of innovation and development, we need to emphasize steady development and steady innovation on the current situation of China's stock market.

Because of this, the government work report conceals the contents of the "registration system" and the contents of the "13th Five-Year plan" deleting the "strategic emerging industries board". These are all affirmative and also a need for the steady development of China's stock market.