The power to operate enterprises, the power to work, is a fundamental civil right, and no one is required to leave and give. Chinese man’s hard work and wisdom require only a relaxed and stable environment in which sweat-water can be used to run a large boat with any winds.

China is in three thornys of economic transformation. Private enterprises, from the edges of the past and from outsiders to the beneficiaries of reform and openness, are important forces in driving China’s economic growth. However, at the height of the economy’s trithmus, highly sensitive private enterprises are engaged in a irreconcilable and brutal victory. In addition to the uncertainties of industries, financial policies, as well as friction and distortions in the implementation of policies, private enterprises are often the victims of macroeconomic volatility without care. However, private-sector economies have sufficient resilience and creativity to achieve their own high-quality growth as long as the environment is not trivial, erected, core competitive, leveraged and freely expanded private-sector economies.

Undiminished - historical experience of China’s economic growth miracles

Forty years after the reform was opened, what was the cause of China’s miracles of economic growth? Not a question of what is difficult to answer. Historically, it can be traced to the medicinal landscape, as well as to the salvation of water: to provide a stable environment, to generate the confidence expected for long-term stability, to the Chinese people who are willing to contribute everything to the family’s future, and to themselves to create a “economic miracle” that is difficult for any people to live. Responsibility for household contracting, sourcing of factory directors, and even financial contracting (taxation), is a piece of inspiration, as a production organization model that matches the real mental structure of Chinese. It is not a matter of silence, a sense of common sense and a return. As long as it is not easy, it is largely unproblematic that such large markets and countries with so many populations achieve inner growth under a spontaneous order.

Of course, such a euphoria and liberalism in history has also caused damage to the fiscal system by the forces of the main landowners of the land annexation cycle, followed by a reduction in the supply of public goods causing internal disturbances and an impact on national security caused by the invasion of nomadic groups in the north. This historic memories are embedded in the instinctive minds and minds of the pilgrims, creating a self-protective response that is difficult to annihilate — the strength of the State, unity and stability prevail. In particular, China has been separated from foreign enemy incursions and warlords, and the establishment of a unified State is only seven decades. Three decades have been used to test the system and to explore the system of political governance for the transition from rescue to nation-building; three decades later, confidence in the private economy and market mechanisms has been rebuilt and confidence in the future of China has been restored. Thirty years ago were used for political soft landings, and the latter 30 years were used for economic house landings, which were difficult to separate for two decades.

Real complexity -

Transitions in major social contradictions

For 18 years now, there has been a new sense of thinking. The Government’s own supply-side reforms began with the fight against corruption, the strengthening of the party and the reform of State business, all aimed at establishing a service-oriented and efficient government. Deepening the reform of State-owned enterprises is not simple to do much, but rather to clarify national business boundaries in institutional mechanisms and to establish governance models that are compatible with the global trade and industrial chain (which seems not sufficient). Combined with environmental governance and strict financial regulation in recent years, this has been done to clean up the pitfalls of past economic growth at a unilateral rate. Because we are in an unprecedented transition period of major contradictions in our society — from the contradiction between the growing material and cultural needs of the people and the underdevelopment of productivity — to the contradiction between the people’s movement towards a better life and the inadequate imbalance in development. The shift of this paradox centre is an ambitious socio-economic and political life, but it is time-consuming to study the dynamic path of the transition without scholars. This is clearly a theoretical and policy failure.

It is nothing to escape two traps, both internal and external. Externally, the bottom-up trap is a middle-income trap. At the same time, there appears to be no precedent in the history of moving away from these two mass graves. The United States took advantage of China’s socialist market economy and business model, and had established an unprecedented unified front for concerted action on China, and had, objectively, reinforced the popularly elected basis of Troamp. It is, however, an external transfer that cannot be reconciled by its own contradiction — which in the past has been resented by financial capital, which is now subject to articles in industrial capital and current accounts, yet another right-wing and new mercy. The last right-wing rebounded in the era of Rigen, while shocking Japan and the Soviet Union. The seriousness of this time requires vigilance, but as if we are not ready to do so.

We ourselves have problems. The resilience of growth and the natural response of historical memories in collective consciousness are the strengthening of State forces. From rich to strength, the ability to tell the story of China on a global basis seems to be inadequate, and it is not surprising that the official pole is. The relationship between the Government and the market, the logic and the path of the emergence of large States, the conflicts between the Community of Human Rights and the Wagrossason system, in particular the role of national business, and how to integrate into the international trading system is not a question of expressing technology. The business model and contractual structure of the country vary significantly from the market economy. How conflicts can be resolved requires different costs if they reach ideological and human civilizational levels. We are at this juncture.

Historical juncture -

Developing a private economy is key to resolving internal and external conflicts

At this historic juncture, private enterprises play a crucial role in reshaping the Chinese economy and in reintegrating the Chinese economy into the global trading and industrial chain system, which can be said to have determined China’s national shipping. First, in the process of transforming China’s economy, the business of the country can preserve national livelihoods and economic stability, but the birth and growth of new energy is largely dependent on the market repelling of all market-tested businesses. It is noted that the new dynamics here are not simple new technologies, but the industrialization and commercialization of emerging technologies, which create a virtuous closed loop between supply and demand. Otherwise, even if national enterprises rely on national institutions to develop new technologies, they may also be able to do so.

In recent years, the reform of the registration system has been one of the hot topics at the two sessions, and many representatives and members have put forward opinions and suggestions on this. The CSRC website recently published a number of replies to the proposals proposed by the representatives and members of the national two sessions in 2021, which mentioned that it would do a good job in the pilot evaluation and experience summary of the registration system, and comprehensively study and promote the reform of supporting systems such as the whole market registration system and trading mechanism.

“Comprehensive registration system” is undoubtedly the most eye-catching keyword in the current A-share market. All parties pay close attention to the reform and development of the capital market. Since the central economic work conference held at the end of last year proposed that “we should pay close attention to the pilot of comprehensive reform of market-oriented allocation of factors and fully implement the stock issuance registration system”, the regulatory authorities have made vigorous progress in the past three months——

At the end of December 2021, Yi Huiman, chairman of the CSRC, said that he was speeding up the formulation of the reform plan of the whole market registration system, and solidly promoted the relevant preparations to ensure the smooth implementation of this major reform.

On January 17, 2022, the CSRC held the 2022 system working meeting. The meeting stressed that the reform of the capital market should be further promoted with the full implementation of the stock issuance and registration system as the main line. Adhere to the “three principles” of the reform of the registration system, make full “embroidery” efforts, and make practical preparations for careful thinking, business and clean government. Further improve the registration system arrangement with information disclosure as the core, highlight the top priority of the reform of the main board, accelerate the transformation of issuance supervision, further compact the “gatekeeper” responsibility of intermediaries, enhance the joint efforts of all parties, promote the formation of a good market ecology conducive to the full implementation of the registration system, and ensure the smooth implementation of the reform. At the same time, we will comprehensively improve the multi-level market system, simultaneously promote the reform of the basic system and the self construction of the CSRC system, and continuously deepen the reform of the capital market.

On January 28, the CSRC announced the formulation of the legislative work plan for 2022, proposed the implementation of the decision and deployment of the central economic work conference on the full implementation of the stock issuance registration system, and formulated regulations such as the administrative measures for the registration of initial public offerings and the administrative measures for the registration of securities issuance of listed companies.

On the same day, the CSRC disclosed on its website that in order to further promote the improvement of the quality of prospectus information disclosure, the CSRC issued the guiding opinions on improving the quality of prospectus information disclosure under the registration system, which shall come into force as of the date of publication. The CSRC said that improving the quality of prospectus information disclosure is a long-term and systematic work, which requires the joint efforts of relevant parties. In the next step, the CSRC will earnestly implement the concepts and principles established in the guidance, modify and improve the system rules, promote the continuous improvement of the quality of information disclosure in the prospectus, and lay a good foundation for the full implementation of the stock issuance registration system.

On March 4, the CSRC solicited opinions on the revised Measures for the administration of initial public offering and listing.

The gradual A-share comprehensive registration system has not only become the focus of the two sessions, but also attracted great attention and heated discussion from all parties outside the venue.

Tang Zhehui, the managing partner of Ernst & Young Huaming Certified Public Accountants (special general partnership) in Jiangsu and Anhui, said that the government work report proposed to fully implement the stock issuance registration system and promote the stable and healthy development of the capital market. At the same time, in the deployment of a new round of high-level opening-up, China’s capital market is expected to further improve the level of opening-up. Adhering to the principle of marketization, giving play to professionalism, adhering to the “four awes”, and standing at a new starting point, a series of basic institutional reforms of the capital market will further promote the virtuous cycle of finance, science and technology and industry, and promote the high-quality development of the capital market.

Dong Dengxin, director of the Institute of Finance and securities of Wuhan University of science and technology, previously said in an interview with reporters that the comprehensive registration system is a major improvement of the capital market system, which shows the confidence and courage of comprehensively deepening the reform of the capital market, and the whole market will undergo historic changes.

Huang Zhaohui, CEO of CICC, recently published an article saying that the full implementation of the stock issuance registration system is an important measure for the capital market to give full play to its functions and serve the national strategy. The pilot of the registration system on the science and innovation board, the gem and the Beijing stock exchange has laid a good foundation for the implementation of the registration system in the whole market. The comprehensive registration system needs to be steadily promoted. We should not only respect the law of market development, but also take into account the actual situation of China’s own development.

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Shi Bo, deputy general manager and chief investment officer (equity) of China Southern Fund

Today, the Shanghai Composite Index closed at 3372.86 points, down 2.17%; Shenzhen Component Index closed at 12573.43 points, down 3.43%; The gem index closed at 2630.37, down 4.30%. Northward funds flowed out 8.3 billion yuan throughout the day. In terms of Hong Kong stocks, as of 15:06, the Hang Seng Index fell 3.50% and the Hang Seng technology index fell 3.68%.

The complicated political situation in Russia and Ukraine overseas constitutes the main disturbing factor in the current market. In the conflict between Russia and Ukraine, Russia was subjected to economic and financial sanctions from many countries. As an important global energy exporter, Russia’s exports of coal, crude oil and wheat accounted for more than 15% of global exports. The price of crude oil rose sharply under the fear of limited supply. Moreover, the market may give a higher risk premium to the problem of energy prices caused by the conflict between Russia and Ukraine, further pushing up energy prices and intensifying concerns about global inflation. In this case, in order to combat inflation, the Fed’s monetary policy may accelerate tightening, investors’ expectations are pessimistic, risk aversion is strong, the global stock markets have fallen, and the growth plate of a shares has been significantly impacted.

In terms of the domestic environment, the two sessions of the National People’s Congress being held in China continue to release the signal of steady growth, and expanding investment has become the main driving force of steady growth. Facing the three pressures of economic downturn, the government work report pointed out that we should “strive to stabilize the macro-economic market, so as to keep the economic operation within a reasonable range and maintain the overall social stability”, and set the economic growth target of 2022 at about 5.5%, which fully demonstrates the government’s determination to stabilize growth. Fiscal and tax policy support will be strengthened, and fiscal expenditure in 2022 will increase by more than 2 trillion yuan over last year; Monetary policy adheres to the principle of “focusing on ourselves”, which requires “strengthening the implementation of monetary policy, giving full play to the dual functions of the total amount and structure of monetary policy tools” and “promoting financial institutions to reduce the real loan interest rate”. Affected by this, the construction, real estate and other industries benefiting from steady growth performed relatively well.

Looking forward to the future, referring to historical experience, the disturbance of geopolitical risk to the market is temporary, and it is difficult to change the medium and long-term trend of the market. Domestically, the domestic policy environment is friendly. The period of the two sessions is a stage of intensive release of steady growth policies, which forms a positive support for relevant industries. Therefore, it is expected that the short-term correction space of a shares is limited. Once the overseas negative factors land smoothly, a shares are expected to regain the upward trend. What needs to be vigilant is that the overall trend of overseas monetary policy is tightening, which deviates from the direction of China’s monetary policy. If the interest rate gap between China and the United States is narrower than expected or the people’s exchange rate fluctuates greatly, it may restrict the domestic easing policy.

In terms of industry configuration, the market is expected to focus on the independent prosperity direction and the steady growth direction of old and new infrastructure. On the one hand, in the future annual report and the performance forecast of the first quarterly report, look for the direction of high performance growth and high prosperity for layout. On the other hand, considering that the first half of the year is an important window for the centralized development of steady growth policies, we can continue to layout steady growth on bargain hunting. Among them, industrial metals, petroleum, petrochemicals and cement that benefit from steady growth and rising bulk prices can be mainly considered. New infrastructure is also an important starting point in this round of steady growth. Among them, photovoltaic, wind power and lithium battery of new energy infrastructure are still the direction of high prosperity at present.

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Over the past few decades, the world has always believed that western democracy is the key to economic success, and market economy and democracy are inseparable. After the cold war, Francis Fukuyama, a Japanese American political scholar, even claimed that freedom and democracy in the west is the ultimate form of human government, and there can be no more advanced system to choose from than freedom and democracy. However, the myth he preached in the book the end of history and the last man is just a flash in the pan. After China joined the WTO in 2001, it quickly became a rising economic power, which is enough to prove the fallacy of Fukuyama’s argument.

20 years after its accession to the WTO, China still adheres to the people-centered governance model and has once again proved its economic strength under the epidemic. In 2020, China will become the only major economy to achieve positive economic growth, which has attracted the attention of the international community ravaged by the epidemic. However, China’s achievements have become a thorn in the eye of some countries.

The West regards democracy as a political weapon

Under the COVID-19, China’s epidemic prevention materials, new crown vaccine and epidemic prevention and control experience are widely favored all over the world, and international influence is also growing. This makes the United States, which has been addicted to imagining China as a geopolitical competitor, more and more worried. China responded to the call for international anti epidemic coordination and cooperation, but the United States deliberately misinterpreted China’s humanitarian assistance as a governance model of exporting “authority” to other countries. US President Biden even described the relationship between the two countries as a “struggle between liberal democracy and authoritarianism”. This is tantamount to cheering for the ideological confrontation, but also confirms that the United States has been engaged in a zero sum game. To make matters worse, the United States has regained the label of “authoritarianism” during the cold war in a vain attempt to isolate China from the international community. The so-called “anti authoritarianism” political discourse in the cloak of democracy has become a clarion call to gather the United States and its allies to slander China.

Democracy is the common value of all mankind, not the patent of a country. At the same time, it should not be reduced to a weapon to meet or expand a country’s geopolitical interests. No government has the right to impose its respected norms and policies on other governments in the name of democracy. Democracy is one of the options of government. It allows the people to choose the governance model suitable for their own country with their own will, so as to better improve the well-being of the people. This desire can be realized through legislative representatives elected under the corresponding electoral system.

Over the years, the international community has generally accepted the definition and norms of political system put forward by the West. Universal suffrage and multi-party electoral system with “check and balance” mechanism have been touted as the cornerstone of democracy. However, democracy has never been homogeneous, and the “one size fits all” model is certainly debatable. The western democratic model is not a panacea to solve all governance problems.

The western “one person, one vote” election system is not without defects. In many countries where multi-party elections are held every four to five years, especially those who adopt the “highest vote election system”, the unfairness in constituency division is still one of the common defects and key problems that need to be solved.

The division of elected districts is unfair in favor of some political parties, so the substantive significance of “one person, one vote” will be greatly reduced. It will lead to the abnormal phenomenon that the vote rate is inconsistent with the proportion of seats, so it is easy to be identified in most cases. For example, a political party with a vote rate of less than 60% but more than two-thirds of the seats in parliament is a typical fraud of unfair constituency division, which distorts the true meaning of democracy.

Although the western “one person, one vote” system attaches importance to the right to vote, voters’ participation in national governance is limited to the process of election. Post election policy-making is almost monopolized by parliamentarians, some of whom may be novices who lack administrative experience and knowledge. After all, populism has now become a key factor in the election, and the standard of “meritocracy” has long been shelved.

China’s governance shows greater inclusiveness

This phenomenon has become increasingly common and normal in countries that pursue Western democratic elections. At present, the only thing that advocates the multi-party electoral system is proud of is the “check and balance” mechanism. In the name of “checks and balances”, the quarrel and confrontation between members of different political parties dominate the parliamentary debate. This has become a common norm, although it has no enthusiasm. Perhaps, the original intention of formulating the “check and balance” mechanism is good and intended to prevent abuse of power. However, with the importance attached to the interests of political parties, it has become a major event in the country. It is becoming more and more common to fight endlessly in Parliament for the interests of trivial political parties. This is a great irony to national governance. When the political process is disturbed, it is nothing to say that the country is hurt. In the parliaments of Britain and the United States, it is not illegal to deliberately block the passage of the bill with lengthy speeches, but it is at the cost of wasting taxpayers’ money.

Under the bicameral legislative system, this negative impact has been further highlighted. Since both houses are free to vote on the same bill, it is not uncommon for a bill to be passed by a single house but rejected by the other house. Many times, this is purely a game between the ruling and opposition parties based on the interests of political parties.

Take the fierce struggle between the two parties in the United States for control of the Senate and the house of Representatives as an example. Because neither party has an absolute majority in both houses, neither party has absolute confidence to pass the bill proposed by its own side. Even the budget bill for infrastructure construction needs bipartisan consensus before it can be finally passed.

The rapid rise of China has certainly caused great trouble to US lawmakers, and has become the only driving force for the two parties to reach consensus. In other words, if the US government wants Congress to agree to allocate funds for infrastructure construction, it needs to take advantage of the US panic about China catching up with itself in many fields. Ironically and paradoxically, China, which is regarded as a challenge by the United States, has become the driving force for the United States to rebuild its dilapidated infrastructure.

Although the anxiety of American politicians about China is not publicized, its actual existence is clear. Behind the rhetoric, the unprincipled abuse of “checks and balances” by the bicameral Congress has led to the mechanism becoming the biggest obstacle to obtaining funds, even in emergencies.

In contrast, despite the defamation and demonization of western countries, China still focuses on promoting China