International funds accelerate to return to the Chinese market

"China Economic Weekly" chief commentator Niu Wenxin

At present, international funds are accelerating returning to the Chinese market.

According to Wind statistics, since June of this year, the cumulative net inflow of northbound funds in the A -share market is 62.730 billion yuan, of which 4 of the net inflows of 4 trading days have exceeded 11 billion yuan. This also set a new high -month high since this year.

From the perspective of past data comparison, the speed of foreign capital inflows in the A -share market is also increasing. In the past, the net inflow of RMB 3 billion in a single day was good, and the days of net outflow were higher than the days of net inflow. However, after entering June, it is not much of a single -day net inflow of more than 5 billion yuan, and the net inflow of a single day is more than a single -day net outflow. Statistics show that in June, the cumulative net inflow of 62.730 billion yuan, June 6, June 10, June 15, June 23, a single -day net inflow value exceeded 11 billion yuan, June 17 and 6 and 6 The net inflow amount of a single day on the 24th of the 24th exceeded 9 billion yuan.

The Shanghai Composite Index has moved from about 2860 points in May to 3380 points.

The US interest rate hikes, China rate cuts, the depreciation of the renminbi, the fleeing capital, and the A -share market fell -this is almost the "sound waves" of the huge market around April 27, 2022 to the lowest point of this round -the huge market around 2863, but Is such logic correct? On April 26, the "China Economic Weekly" published a comment article stating that the capital that escaped due to interest rate hikes, China interest rate cuts, and depreciation of the renminbi belong to the international arbitrage capital, belongs to the international "hot money" category, and the capital of industrial investment and equity investment preferences I prefer low interest rates and a slightly derogatory financial environment.

After that, in many commentary articles, this view was repeatedly stated. From the perspective of market transaction results, at least so far, the flow of funds (foreign capital) in the A -share market has supported the general laws revealed above. Essence

"China Economic Weekly" has repeatedly issued a discussion: The world today is the world of science and technology. With it, equity capital and industrial capital, as the basic elements of scientific and technological innovation, are inevitable. Individual hegemonic countries have even launched a war to obtain absolute capital advantages. China must join such a competition, which will help the realization of the blueprint of high -quality innovation development.

So how can we win the initiative in such a fierce competition? From a macro level, we must do our own affairs in order to practice new development concepts and build a new development pattern in order to make the world inseparable from China. From the perspective, we must create a financial environment for the development of suitable equity capital and industrial capital. , Market environment and policy environment; from the perspective of micro levels, enterprises have investment vitality, innovative vitality, and national consumer motivation and work motivation. The addition of the three and the overall economic vitality of China can attract international equity capital and industrial capital to enter the Chinese market.

It is believed that as long as all parties adhere to the promotion of a new development pattern, monetary policy adheres to me, and the implementation of a series of economic support policies will be in place. The Chinese A -share market will be favored to a greater extent. It must be emphasized that we welcomes international equity capital and industrial capital to participate in China's economic development and share the results of China's economic development. To do this, China's financial management needs to conscientiously study China's unique economic logic, guide the stock market investors to establish China's unique capital value evaluation system, establish its own public opinion logic guidance system, so as to maximize the "mouth of Wall Street" to the greatest extent Essence

(This article was published in "China Economic Weekly", No. 12, 2022)

- END -