the bubble argument economists
In the process of market worries the year by year, those who preach the bubble argument economists have never said market trends, instead, abnormal in China stock market reform of non-tradable shares gained great progress, market system go partial effectively correction, market began bull mbt footwear market, after the process of bubble argument with America again advocates of such developed countries as a standard stockmarket, of China’s stock market bull market process discrediting and depreciated. It must be pointed out that American market and China’s stock markets, whether in the development environment or internal potential has significant differences on the American market, not as a measure of China’s stock market with the benchmark p reasonable or not with standards. U.S. stocks have 200 years of history, the Chinese stock market is only 16 years of history, full circulation of China’s stock market is only one year old; Tao. Jones industrial stock indexes with only 30 kind of blue chip stocks price-earnings ratio as mark, and the p/e ratio of China’s stock market is already includes merit-based price-earnings ratio of trash stock, it also includes comprehensive p/e ratio, both in essence is no any MBT USA comparability, besides Chinese stock market share price index also includes considerable empty to add parts. Will the macroscopic background and market development environment, it is normal to measure the market trends, not only to see market is, but also see rates level status and development potential. For the United States on interest rates of the one-year benchmark interest rate is 5.25% savings, the money market theory city is filled with leading is 19.047 times; The one-year savings rate is 20% interest, remove 2.79%, real interest rates are 2.232%, their monetary market 44.8 times price-earnings ratio is the theory. The U.S. economy to maintain 3% growth this year have difficulty, and China’s economic growth rate will pressure to below 10% is not easily; China’s economic growth is three times of the U.S. economy, why China stock market cannot have higher p/e ratio? ! Besides according to the China securities journal statistics, now China’s stock market dynamic p/e ratio is but 28 times! Belong to the stockmarket, with a price-earnings ratio of Japan has been in the highs, even after the stock market bubble economy price-earnings ratio has been 60-70 times level. Visible, with p/e is only a reference to the stock market index, no also may not have the world with standard or traffic benchmark. U.S. stock market so that other countries stock market also is such. In different countries, with a price-earnings ratio of different development stages of the measure will also vary greatly. As a fast-growing Chinese economy, the comprehensive reflection of China’s stock market not necessary to “procrustean method”, to MBT sale copy what other countries with copy!
The second error with the entity economy, the view of the Chinese stock market as virtual economy. In this respect, the most typical is to understand and analyze the stock market bubble. Not long ago, I joined a prestigious conference, the famous institutions in each scholar speech, host require first answer a question: you say the stock market has a bubble? This situation really let a person feel in distress situation. The characteristics and characteristics is the stock market bubble, the stock market is in essence is a bubble. Just like the balloon, no one will put a withered balloon where appreciate hang. Stock market and the balloon is different, the development of the stock market has the entity economy, and for reference and relying on virtual economy without the balloon the relationship with the entity economy and linkage effect. If the stock market no foam, like economic entity that a brick is a brick, a tile is a piece of tile, the virtual economy would not make virtual economy and real economy and still is. Can say, the virtual economy is in essence is a bubble economy. Modern market economy is based on capital markets as the main resource allocation mechanism and configuration of virtual economy and real way economic blend mutually, mutually promote economic form, in modern market economy, the operation of the MBT shoes Clearance development of virtual economy depends on both entity economy in a certain extent, and independent of the entity economy, even guides and around the development direction of the entity economy with development process. Rejection foam, can only make entity economy; Fear of foam, don’t make the virtual economy. Virtual economy to shrink the amplification foam process, is the market value found and value regression, market choice and self elimination process. Bubble is big, the market will automatically dissolve; If the market doesn’t automatic to dissolve, it needs the perfecting the market mechanism rather than strengthen administrative mechanism. Foam mbt shoes blog constantly amplification and shrinking, continuing amplification shrinking again, it is the charm of stock market with secret place. Without this magnification and narrow process, stock market wealth effect cannot reflect the market’s “relay mechanism” can’t form, social resource allocation will not have a reasonable flow, flow and flow, virtual economy on the entity economy cannot traction role in the market in the ebb and flow implemented. The market need, is to prevent foam blown too fast and too big, and wants as far as possible to prevent bubble burst and to economic entity after the MBT shoes sale bursting of the negative effect.
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