本文将分为两部分,一部分讨论对中国经济的理解,另一部分讨论对国际经济的理解。关于中国经济。三中全会刚开完了,经济调整也已经开始了。对资本市场而言,我的理解有三条改革主线。第一条主线是利率市场化。利率市场化的影响将是非常深远的。第二条是汇率改革,或者说是货币国际化,即人民币国际化。我相信其影响也会很深远。这两条主线对债券市场影响很大。对股市而言,还有第三条主线,就是国企改革,这里面一个重要的表 This article will be divided into two parts, one part discussing the understanding of China's economy and the other part discussing the understanding of the international economy. About China's economy. The Third Plenary Session has just begun, and economic readjustment has already started. For the capital market, I understand that there are three main reform lines. The first line is interest rate liberalization. The impact of the marketization of interest rates will be very far-reaching. The second is exchange rate reform, or currency internationalization, that is, RMB internationalization. I believe its impact will be profound. These two main lines have a great impact on the bond market. As far as the stock market is concerned, there is a third main thread, that is, the reform of state-owned enterprises. Here is an important table