2018上海金融论坛议题：中国股市高波动？霍华德戴维斯：散户参与度高是原因之一

High volatility in China’s stock market? Howard Davies: Because of the existence of many individual investors

12月1日，在由SAIF、CAFR和GFLF联合主办的2018上海金融论坛上，苏格兰皇家银行董事长、中国银监会国际咨询委员会主席霍华德戴维斯宣布，美国股市及其市值处于目前处于历史高位，远高于中国和新兴市场所有股票的总市值。美国股市在一定程度上被高估了。

During Shanghai Finance Forum 2018 jointly hosted by SAIF, CAFR and GFLF on December 15th, Howard Davies, Chairman of the Royal Bank of Scotland and Chairman of the International Advisory Council of the China Banking Regulatory Commission, announced that US stock market and its capitalization are now at a historical high, far above the total market capitalization of all stocks in China and emerging markets. To a certain extent, the US stock market is overvalued.

同时，霍华德戴维斯也指出，中国股市表现一般，波动较大。“中国股市的波动性极高，多天日波动率超过1%-2%。这在一定程度上与很多散户的存在有关，他们没有有效的套期保值工具。”

那么，中国将采取什么行动呢？他认为，事实上，国际证监会组织（IOSCO）已经向中国提供了一些切实可行的建议。首先，重要的是解决数据差距和信息共享问题，并将新的见解应用于投资者保护和教育。其次，研究监管在金融科技中的作用也很重要。
 

Meanwhile, Howard Davies also pointed that that the performance of China’s stock market is average, with extensive fluctuations. “The volatility of China’s stock market is extremely high, showing many days where daily volatility exceeds 1%-2%. To a certain extent, it is related to the existence of many individual investors, who don’t have effective vehicles of hedging.”

Then, what actions China shall take? He believes that in fact, the International Organization Of Securities Commissions (IOSCO) has provided some practical advices to China. First of all, it is important to address data gaps and information sharing issues and apply new insights into investor protection and education. And second, it is also essential to examine the role of regulation in FinTech.