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1993年确实可以说是中国的“期货年”,全国各地的期货市场和期货公司都以惊人的速度发展,形成了一股继“股票热”、“房地产热”之后的“期货热”。进入1994年以后,新闻媒介、投资者继续看好期货市场。传媒不断刊文认为,1994年仍将是期货市场大有可为的一年。投资者踊跃入市,适逢股市低迷不振,投资者寻找新的投资方向,期货市场成了首选目标。于是一些股票大户纷纷从股市抽调资金,扑向期货市场,期待着“东方不亮西方亮”。 然而,期货市场的政府管理者却采取了与投资者相反的操作法——整顿期货市场,促使期货热降温。继1993年国家工商局对全国期货经纪公司实行重核查登记并暂停新开期货公司之后,1994年初,管理层又作出了整顿规范期货市场的决定。4月份,中国证监会等有关部门组成期货联合调查组,分5路赴华北、华东、华南、东北和中南等地,详细调查各地期货市场现状以及30余家期货交易所的运行状况。在此基础上,调查组作出对策性建议供管理层决策参考。以后,国务院办公厅转发了国务院证券委员会关于停止钢材、食糖、煤炭期货交易的6点意见,
In 1993, it could be said that it was China’s “futures year.” Futures markets and futures companies across the country have developed at an alarming rate, forming a “futures hotspot” following “stock fever” and “real estate fever.” After entering the year of 1994, the news media and investors continue to be optimistic about the futures market. The media continuously stated that 1994 will still be a promising year for the futures market. Investors enthusiastically entered the market, which coincided with the sluggish stock market. Investors sought new investment directions and the futures market became the preferred target. As a result, some large stock investors have drawn funds from the stock market and rushed to the futures market, looking forward to “the East is not bright in the West.” However, the government managers of the futures market have adopted an operation method that is contrary to the investor—reorganizing the futures market and prompting the futures heat to cool down. Following the State Administration of Industry and Commerce in 1993 to implement the re-check registration of the national futures brokerage company and suspend the newly opened futures company, in early 1994, the management also made a decision to rectify and regulate the futures market. In April, the China Securities Regulatory Commission and other relevant departments formed a joint investigation team for futures. They were divided into five routes to North China, East China, South China, Northeast China, and Central South China to conduct a detailed survey of the current situation of futures markets and the operation of more than 30 futures exchanges. On this basis, the investigation team made strategic proposals for management decision-making. Later, the General Office of the State Council forwarded six opinions from the Securities Commission of the State Council on halting the trading of steel, sugar, and coal futures.