中国株の急騰　政府が打ち出した刺激策は妙策か？愚策か？

As China's economic growth is slowing down, the Chinese authorities announced a series of stimulus measures at the end of September. By trying to save the real estate market in addition to funding for the stock market, the stock market has shown a significant increase in interest rates. On the other hand, there is an analysis that the Beijing authorities are trying to avoid a large-scale collapse of the economy by making a radical change in policy. In addition, some critics pointed out that this is a trap for the Chinese government to collapse the assets of the general public again. At the China-Communist Party Central Political Bureau meeting held on September 26, it admitted that China's economy is facing many new problems and launched a new fiscal policy to stimulate economic growth. This includes a reduction in the interest rate preparation rate by the central bank, a reduction in interest rates on existing housing loans, and a prioritization of investors and companies. At the meeting, it was made clear that it would reduce the continuous decline of the real estate market and realize a stagnation and stable recovery. According to Reuters, the Chinese Finance Ministry plans to launch a special international of two trillion yuan, and one trillion yuan will be allocated to the replacement of household appliances and large commercial machinery equipment. In addition, 800 yuan will be provided to families with two or more children. The stock market has recovered rapidly thanks to these policies. At the end of the deal on September 30, Shanghai's overall share increased by 8.06%, Shenzhen's share increased by 10.67%, and the company's share increased by 15.36%, and the family's share increased by 17.88%, and Beijing's share increased by 22.84%. At the same time, the government promoted the arrival of strong markets, and many individual investors entered the market, and the amount of trading increased rapidly. According to the national stock exchange, the number of new stock exchanges exceeded 3,000 by September 27, and the number of new stock exchanges in the Japanese yen increased more than twice in the day, and the Japanese yen trading amount exceeded 300 billion yen, showing an increase of more than 40%. Another stock exchange in the North China Sea also reported that the number of stock exchanges on the 27th had tripled the day before. However, during the enthusiastic market entry of individual investors, 50 major companies and executives announced sales, and the number of sales reached 108. According to statistics, between September 23 and 27, 50 companies sold 1.05 billion shares. In addition, more than 40 companies announced additional sales on September 28. Many net users are concerned about this situation. Some net users are concerned that although the economy is declining, it is unnatural for the stock market to rise significantly. The higher it rises, the more likely it is that it will eventually fall. In a part of the analysis, it was pointed out that although the Chinese government has injected funds into the stock market, the real economy has not yet recovered and the stock market is likely to face even greater decline in the future. Mr. Oka, an expert on the China issue, said in an interview on Taikigen, At present, the Chinese economy is unstable and has a dark future. Even if new funds are injected into the stock market, there are many people who run away. In the end, there is a possibility that the stock market will fall into a negative spiral. It may not be effective even if a large amount of funds are injected. In a part of the analysis, it was pointed out that this series of stimulus measures by the Chinese authorities is actually the last resort for the Chinese. In addition, the article pointed out that China has always accelerated low-supply after 2008. At present, China is facing a double contradiction between low-supply and high-supply. If this situation cannot be resolved, the Chinese government may self-destruct by its excessive low-supply. On the other hand, the Chinese government is trying to increase low-supply, introduce economic stimulus measures, and create a phenomenon beyond economic recovery. This includes a large increase in the number of stock prices, a large decrease in housing loan interest rates, and a large increase in capital. The Chinese government is also trying to force consumers to buy high-quality real estate. The Chinese government is creating an atmosphere of increasing real estate prices, increasing housing prices, and strengthening the stock market. People are afraid that the value of their assets will decrease, causing consumer anxiety. In such a situation, private funds are pulled out of banks and tend to be invested in commodities, real estate, and the stock market. According to the data, the Chinese people's savings are about 145 trillion yuan. If the government can draw these funds into the stock market, the Chinese government may be able to escape the debt crisis. Local governments and state-owned companies suffering from debt will also use this opportunity to pay off their debts and increase their profits. However, in the end, the Chinese people will be deceived and enter the market, and they may lose their assets. In an interview with the voice of hope, Mr. Koshunju, an economic critic, said that the stimulus measures of the stock market by the Chinese government this time have the property of deceiving people. On the surface, it looks like the stock market has risen, and the media has widely reported it. However, this is just a kind of propaganda, and it is deceptive for the general public. Looking only at the short-term profits, the bank's low interest rate is certainly not comparable to the profits of the stock market, but the stock market cannot be predicted how much it will continue to rise. Mr. Koshunju further pointed out that the Chinese economy is still stagnant, and according to August data, the profits of industrial companies of China's larger scale have decreased by nearly 18%, and the economy has deteriorated as before. The stock market is closely related to the company's stock market, and unless the stock market improves, the stock market's health will not be guaranteed. The Chinese government has imported a large amount of funds into the stock market and temporarily pushed up the stock market, but it is unknown how long this situation will last. It is also unclear whether the Chinese economy can recover from this market intervention. However, it is the general Chinese who will be affected in the end. Because all of China's economic resources are in the hands of the government, they can freely manipulate the market and investors.