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毫无疑问,繁荣股市可以振兴实体经济。股市的繁荣既可降低整个金融市场的融资成本,便利企业融资,也能产生巨大财富效应,增加居民消费。本轮股市的上涨动力完全取决于政策取向,取决于这些政策所引发的市场资金的流向及利益格局。从政策取向来看,大趋势基本上没有改变,即仍然希望通过股市的繁荣来改变中国金融市场结构、降低企业融资成本、为国有企业改革提供可利用的融资工具,以此提振过去十多年来已日渐“房地产化”的实体经济。
There is no doubt that the prosperity of the stock market can revitalize the real economy. The prosperity of the stock market can reduce the financing costs of the entire financial market, facilitate corporate financing, but also can produce huge wealth effects and increase household consumption. The impetus for the current round of stock market depends entirely on the policy orientation, depending on the market flow of funds and the pattern of interests triggered by these policies. In terms of policy orientation, the trend has basically remained unchanged. That is, we still hope that through the prosperity of the stock market, we will change the structure of China’s financial market, reduce the financing costs for enterprises and provide available financing tools for the reform of state-owned enterprises, thus boosting the past ten Over the years has been increasingly “real estate” real economy.