Li Xunlei: Unresolved structural issues in the capital market need to increase the proportion of institutional investors

Li Xunlei: Unresolved structural issues in the capital market need to increase the proportion of institutional investors
On May 24, Sauna Night held a series of salons focusing on capital market reform in the nationwide “Two Sessions Economic Policy”.Li Xunlei, chief economist of Zhongtai Securities, said that China’s capital market has more room for development, and there are some structural problems that need to be resolved in the future.The first is the investor structure. Individual investors account for a relatively high proportion in the A-share market, while institutional investors account for a high proportion in mature markets.In fact, the degree of openness is not enough. In emerging markets, such as South Korea, foreign ownership is relatively high, and foreign involvement is also relatively high; the market value of internal A-share foreign-owned stocks is about 3% -4%, compared with other markets 20% -30%The level ratio is still not enough.The mechanism for the survival of the fittest in the A-share market has not been brought into full play, including the relatively low delisting rate, and the problem of just cashing out still exists.In addition, intermediaries in developing countries, especially brokerages, have some businesses that are relatively fragmented. There are many large and small brokerages with low concentration, while the industry concentration in mature markets is relatively high.Li Xunlei said that these are the problems encountered in the development process of developing countries. Changing the market regulation and development, structural problems in the Chinese market, and insufficient development will be resolved.Sauna, Ye net Gu Zhijuan editor Chen Li proofreading Xue Jingning