In-Depth: A-Shares Get Bumpy Start to the Year (AI Translation)
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- A-shares experienced a downturn in 2023 despite initial optimism, with frequent breaches below the 3000-point mark and even a dip below 2800 points early in 2024.
- Regulatory efforts to stabilize the market, such as reducing stamp duty and encouraging buybacks and holdings by major shareholders, had limited impact. Experts suggest focusing on improving fundamentals rather than short-term market rescue measures.
- The Chinese government announced various measures to support the capital market, including lowering reserve requirement ratios for financial institutions and considering market value management in state-owned enterprise performance assessments, which led to a rebound in A-share indices.
文｜财新周刊 王娟娟 岳跃 全月
By Caixin Weekly's Wang Juanjuan, Yue Yue, Quan Yue
去年此时，谁会想到A股走势会如此令人无可奈何。
At this time last year, who could have imagined that the A-share market trend would be so frustratingly unpredictable?
2023年伊始，资本市场对国内疫情结束后的经济复苏充满期待，房地产政策开始松绑，出口增长维持强劲，然而A股反弹仅维持了几个月即掉头向下，随后持续破位下行，2023年市场频频失守3000点；至2024年初，仅仅十几个交易日，一度破位2800点。
At the start of 2023, capital markets were filled with anticipation for an economic recovery following the end of domestic COVID-19 outbreaks. Real estate policies began to loosen, and export growth remained robust. However, the rebound in A-shares lasted only a few months before reversing course and heading downward. Throughout 2023, the market repeatedly failed to hold above the 3000-point mark; by early 2024, within just over a dozen trading days, it had at one point fallen below 2800 points.
市场回想起2015年“股灾”，希望用历史经验对照现实。政策层面努力不断释放暖意：2023年8月27日，财政部降低印花税；之后，证监会发布“加强逆周期调节，阶段性收紧IPO”，同时限制减持，鼓励大股东增持、上市公司回购，降低公募基金各项费率以降低持有人成本。但市场仍不买账。
As the market recalls the 2015 "stock disaster," there is hope to use historical experience to reflect on current realities. On the policy front, efforts have been made to continuously signal reassurance: On August 27, 2023, China's Ministry of Finance lowered the stamp duty; subsequently, the China Securities Regulatory Commission (CSRC) announced measures to "strengthen countercyclical adjustments and tighten IPOs in phases," while also restricting share sales, encouraging major shareholders to increase their stakes, listed companies to repurchase shares, and reducing various fees for public funds to lower costs for holders. Despite these efforts, the market remains unconvinced.
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