What important events have taken place in China stock market in recent ten years?

1, 1990 Taiwan Province's stock market plummeted 1987 to 1990, and Taiwan Province's stock index soared from 1000 to 12682, a full increase of 12 times. At that time, Taiwan Province's economy had achieved an average high growth rate of 9% for 40 consecutive years, the exchange rate of Taiwan dollar against the US dollar rose from 1 to 1 compared with 25 yuan, and the opening of brokerage licenses were all important reasons for the influx of hot money. At that time, the housing market and the stock market were hot together. Due to the expectation of appreciation of the new Taiwan dollar, overseas "hot money" poured into the island. With the growth of residents' wealth, the prices of land and real estate in Taiwan Province Province have quadrupled in a short time. At that time, the island was completely flooded with funds, and huge capital flows greedily searched for various investment opportunities. 1989 in the last quarter, the average price-earnings ratio of Taiwan stocks reached 100 times, while the price-earnings ratio of other markets in the world was below 20 times. In February 1990, the index began to plummet from the highest point 12682 and stopped at 2485. Ten thousand points in eight months. In the process of falling from 12000, many people repeatedly bottomed out and stuck to the end. From 12000 to below 8000, some people started to buy, 7000, 6000, 5000, and then all the way down to 2485.

2. China Stock Market Crash The development of China stock market was relatively short, but it still experienced two thrilling stock market crashes.

One occurred in 1996. 1996 after the national day, the stock market was all red. From April 1 to February 9 1, the Shanghai Composite Index rose by 120%, and the Shenzhen Component Index rose by 340%. In order to cool down, the CSRC issued various regulations and notices later called "12 gold medal", but the market continued to climb. 65438+February 65438+June People's Daily published a special commentator's article "Correctly Understanding the Current Stock Market", which defined the stock market as "the recent sharp rise and fall is abnormal and irrational." The rise was finally contained. The Shanghai Composite Index reached its limit at the opening. Except for a few small-cap stocks, which closed down all day, they still fell the next day. All the book wealth of all investors who held positions three days ago evaporated.

3. Another time happened at 200 1. On July 26 of that year, the reduction of state-owned shares officially began in the issuance of new shares. The stock market plummeted and the Shanghai Composite Index fell by 32.55 points. By June 10 and 19, the Shanghai Composite Index plunged from 2245 in June 14 to 15 14, and more than 50 stocks fell. In that year, 80% of investors were quilted, the net value of the fund shrank by 40%, and the brokerage commission income decreased by 30%. Compared with the foreign stock market crash, China's stock market crash has different reasons, but all of them have some characteristics: the trend of the stock market is seriously divorced from the fundamentals of the economy, so it is doomed to be unsustainable. At the slightest sign of trouble, the whole line will collapse, and people in the stock market are too speculative, either entangled in storm warning or chasing up and down by feeling, which will inevitably lead to a tragic ending.

4. In the Asian financial crisis at the end of 20th century 1997 65438+ 10, international speculators headed by george soros began to attack the coveted Southeast Asian financial market, selling Thai baht and buying US dollars. The Thai baht plummeted. Its purpose is clear: to disrupt the financial market in Southeast Asia, so as to fish in troubled waters and make a fortune. The chaotic and out-of-control management of real estate, foreign exchange reserves and financial markets in some Southeast Asian countries provides speculators with a golden opportunity. Soros's wishful thinking is to start with Thailand, Indonesia and Malaysia, which are the most vulnerable countries, then disrupt the "Four Little Dragons" in Asia, such as Singapore, South Korea and Taiwan Province Province of China, and finally capture Hong Kong, in an attempt to impress them with invulnerability, crush market confidence and trigger a "herding sheep" mentality. Soros believes that as long as one country's financial market is crushed, other countries will inevitably fall one after another, which is the so-called "domino effect".

5. Global financial crisis in 2008-2009 The global financial system is facing the biggest crisis since 1929. What started in the American real estate subprime mortgage market has now become a global crisis.

1. The crisis is getting worse and worse, and the whole world is working together in Qi Xin to deal with it.

On June 8, 2008, 10, traders were talking in the street outside the new york Stock Exchange. The world's major central banks cut interest rates at the same time to prevent the financial crisis from escalating into a global recession, but this failed to alleviate investors' concerns about economic fundamentals. On that day, the new york stock market fluctuated violently, and the three major stock indexes closed down for the sixth consecutive day. Central banks of major western economies took joint action to lower interest rates on the 8th to cope with the current financial crisis and restore market confidence. On the same day, the Federal Reserve Board of the United States, the European Central Bank and the central banks of Britain, Canada, Switzerland and Sweden all announced that they would cut the benchmark interest rate by 0.5 percentage point. As the crisis spread to South America, Mexico and Brazil took measures to intervene in the foreign exchange market on the 8th to prevent their currencies from falling sharply against the US dollar. Mexico's central bank announced that it would auction $2.5 billion of its foreign exchange reserves to prevent the Mexican peso from falling against the US dollar. On the same day, the exchange rate of Mexican peso against the US dollar once fell to 14 to 1, a record low. After the central bank of Mexico announced the above measures, the exchange rate of Mexican peso against the US dollar rose to 12 to 1. Guillermo Ortiz, governor of Mexico's central bank, said that Mexico's foreign exchange market experienced the most violent turmoil since the country's banking crisis 1995 on the 6th. But he also stressed that Mexico's banking institutions are still relatively stable. The Bank of Mexico also announced that if the exchange rate of Mexican peso against the US dollar falls by more than 2% in the next single trading day, the Bank of Mexico will auction another $400 million on that trading day. Mexico's total foreign exchange reserves are currently about $84 billion. In addition, Mexican President Calderon also proposed to issue an emergency plan with a total amount of 53 billion pesos (about 4.3 billion US dollars) to cope with the adverse impact of the international financial crisis on the Mexican economy. June 8, 2008 10 In order to curb the rapid depreciation of the Brazilian real against the US dollar, the Brazilian central bank began to sell the US dollar in the spot market. This is the first time that the Brazilian central bank has adopted this approach in the past five years. On the 7th, the exchange rate of the Brazilian real against the US dollar fell by 5.09% to 2.3 1 to 1, the lowest since the second half of 2005. On the 8th, with the intervention of the Brazilian central bank, the exchange rate of the Brazilian real against the US dollar rose slightly to 2.29 1. Brazil's central bank did not announce the specific amount of dollars auctioned, but it is estimated that it will at least exceed $654.38 billion. Meireles, governor of Brazil's central bank, said recently that Brazil has more than $200 billion in foreign exchange reserves, and as long as the market needs it, the central bank will definitely rescue the market. In Europe, European Central Bank President Jean-Claude Trichet appealed in Paris on June 8, 2008, 10 Under the background of violent market turmoil, investors should "keep calm" and should not be overly pessimistic. Italian Prime Minister Silvio Berlusconi held an emergency cabinet meeting on the 8th to discuss the adverse impact of the financial crisis on the Italian economy. Then he announced that the Italian government was prepared to buy shares in troubled banks. Italian government officials said that banks receiving aid can use the funds provided by the government to enrich their capital, or use these funds to acquire other troubled banks. On June 8, 2008, the Moscow stock market in Russia fell sharply in less than an hour, and the relevant departments immediately stopped trading in the stock market. In order to avoid a stock market crash, the Russian stock market was closed for one day on the 9th. In the past few weeks, affected by the international financial crisis, the Moscow stock market has been in violent turmoil and trading has been suspended many times. In Asia, on June 9, 2008, the Bank of Japan continued to invest 2 trillion yen in the short-term gold (203,5.85,2.97%, right) financing market through open market operations. So far, the Bank of Japan has invested 30.6 trillion yen in the short-term financial market within 17 working days. On the same day, in Japan's short-term financial market, it was still difficult for foreign banks to raise funds, and the unsecured overnight lending rate fluctuated between 0.55% and 0.6%, slightly higher than the Bank of Japan's policy rate of 0.5%. Therefore, the Bank of Japan thinks it is necessary to continue to invest in the short-term financial market to ease the difficulties faced by foreign banks and stabilize the market. South Korea's Central Bank and Bank of Korea Governor Li Chengtai announced on the 9th that the bank's benchmark interest rate will be lowered from the original 5.25% to 5% to stabilize the Korean financial market and prevent the economy from shrinking seriously. This is the first time that the Bank of Korea has lowered the bank benchmark interest rate since June 5438+065438+ 10, 2004. Li Chengtai said after the meeting of the Korea Financial and Monetary Committee held on the same day that the biggest factor affecting Korea's financial and monetary policy in the future is the change in the international financial market. The Bank of Korea will continue to adjust its financial and monetary policies. He said that the Bank of Korea may continue to cut interest rates in the future. Since the end of September, 2008, the Korean won exchange rate and the Seoul stock market composite index have plummeted because investors are worried that the financial turmoil in the United States will affect the Korean economy. On the 8th, the exchange rate of the won against the US dollar was 1.395 pairs 1, hitting a new low of 10, and the Seoul stock market composite index also fell below the 1.300 mark. After the opening of the Seoul foreign exchange market on the 9th, the exchange rate of the won against the US dollar plummeted to 1, 480 pairs 1, and then rebounded after the intervention of the South Korean government. In order to curb the recent collapse of the Korean won exchange rate and the stock market, the Korea Financial Supervisory Authority said on the afternoon of the 8 th that the South Korean government is paying close attention to the changes in the foreign exchange market and the stock market and plans to take "extraordinary measures" to stabilize the foreign exchange market. On June 8, 2008, 10, the main stock indexes in Jakarta, Indonesia once fell 10.4% after the opening, and then the relevant departments announced the suspension of stock market trading. In order to avoid further stock market turmoil, Indonesia's stock market continued to suspend trading on June 9, 2008.

2. The impact of the financial turmoil on China.

Although China is not the main affected country, it can at least feel the impact of this crisis from the following three aspects: First, the fragility of American financial institutions has shaken the global financial system, and it is also facing greater risks. As China's official holdings are mainly US Treasury bonds, and the risk of Treasury bonds is the lowest among securities assets, the impact on China's foreign exchange reserves will be limited. Unlike China's official investment direction, most of China Commercial Bank's holdings are American corporate bonds or stocks. Take China Construction Bank, which invested the most in American Lehman Company, as an example, its Lehman-related bonds * * were $65,438+0.9/kloc-0.40 billion (of which subordinated bonds were only $50 million), accounting for about 0.0 1.9%% of CCB's total assets on June 30, 2008. It is not difficult to see that the collapse of American financial institutions, such as Lehman, has limited impact on China's financial institutions, and it is even more difficult to form a greater impact on China's financial system. Second, in all financial markets, the company's capital valuation has shrunk, which will have a chain effect. Not only is it more difficult for companies to raise funds, but the cost of financing will also increase substantially. However, compared with the above two points, the shrinking consumer demand will be the biggest problem facing China in this financial storm. As China's second largest export market, the economic recession in the United States has led to a lack of public confidence and shrinking purchasing power, which will make China's exports face a situation of declining demand. In the analysis report released on September 22nd, the General Administration of Customs of China pointed out that from June to July this year, China exported 1 403.9 billion US dollars to the United States, up by 9.9%, and the growth rate dropped by 8. 1 percentage point. This is the first time since 2002 that the growth rate of China's exports to the United States has dropped to single digits. Although the impact of shrinking consumer demand on China's economy will not appear in a short time, it will come sooner or later. Therefore, it is best for China enterprises to adjust their export forecasts to the United States according to the time span of two years or more. In addition, as the performance of the US market is bound to affect other countries, world consumer spending may decline accordingly, which will bring additional pressure to China enterprises. Generally speaking, it is predicted that the impact of the financial turmoil will last for three to five years. Some developing countries (including China and some Southeast Asian or African countries) are less affected by the financial turmoil in the United States because they have less contact with developed markets. China in particular, according to my understanding and research on her for so many years, China's financial policy is very sound and safe. Therefore, the financial turmoil that started on Wall Street will have a limited impact on China. It is imperative that China companies should pay more attention to the markets of developing countries to make up for the losses caused by the shrinking American market.

6. Listing on Growth Enterprise Market 7. Stock index futures, margin financing and securities lending.

8.20 10 debt crisis enveloped Europe.

9. Seven bull and bear market stocktaking in China stock market.