A achieve continuously piece new low, and at the same time superintendency layer also is in roll out ceaselessly new politics the construction that will perfect the market, the market thinks these policy should belong to the policy that helps city generally, also come to its to unscramble as the policy that help city, but we have different view.

Is near future policy the policy that help city?

With respect to a few policy that roll out at present, enforce for instance share out bonus, convertible debenture, counter-purchase new business of regulation and stockjobber to examine and approve etc, can inspect a few policy that market base sex builds, they can not be in short-term inside it is good to be changed into real interest, share out bonus compulsively for example, the likelihood is the scope that limitted company financing, but also was to decrease merely exterior new to market generation concussion, original issue was not solved, the convertible debenture that is not a design in the light of size also is such, have truly decrease the size blame that holds apiration to be decreased very hard through this kind of means hold, because it wants 2 times to assume revise cost, this is accomplished very hard generally speaking.

So we see the backside of these policy, it is the policy of the mechanism of a few perfect markets that administrative layer publishs after share price drops, also did not carry bright help city directly. The genuine policy that help city, should be the policy that produces direct front effect to the market immediately, e.g. the influence of main to financing area and economy area.

The decision element of Chinese economy is PPI

The development of the stock market still should rely on main area. We say the trend of the stock market sees basic face, the drops to belong to technical level possibly to perhaps say psychological level element that exceeds main area, so psychological problem or the policy that the settlement of technical issue needs a government, and economy is basic face criterion hang on is macroscopical the change of big environment.

I once emphasized for many times, PPI just is the crucial index that decides Chinese stock market is moved toward, when occurrence fall after a rise beginning namely after PPI sees a top, the stock market just may see an end, but of the stock market see the bottom has difference of a time, this time is in Japan is 9 months in those days, in China we predict to be able to shorten control to 3 months.