洪灝：市场确认了一个重要的拐点（Market Inflection Point is C( 九 ) 原标题：洪灝

China’screditexpansionnolongercompensatesslowingmoneygrowth.Asmoneygrowthdecelerates,otherliquidityingredientsarenecessarytoinducearallyinChineseshares.Hereiswheredomesticcreditgrowthcomesin–theinstigatorofthestockmarketbubblein2015.Attheinceptionofthebubble,creditsextendedforthepurposeofreconstructingshantydownsfoundtheirwaysintothestockmarket.Datashowsthat,around2015,domesticcreditgrowthsubstantiallyoutpacedmoneysupplygrowth.Butascreditgrowthwasreinedin,andconvergedwiththegrowthinmoneysupply,thestockmarketbubbleburst(Figure4).

Figure4:Creditgrowthwastheinstigatorofthe2015bubble

----洪灝：市场确认了一个重要的拐点（Market Inflection Point is Confirmed）//----江苏龙网 http://www.jiangsulong.com //

Intoday’smilieuofdeceleratingeconomicgrowth,moneysupplygrowthstayslow,andcreditexpansionisconstrainedbythemantraofdeleveraging.Anewingredientisrequiredtosustainthecurrentbullmarket.

HowtoMakeMoneyinAShares?

Alackofcorporatepricingpower.Intheprevioussections,wehavediscussedhowmacrovolatilityhascollapsedacrosstheboard,exceptPPI.ItisplausiblethatPPIislessaffectedbymonetarypolicychoices,asthesechoicesshouldhavenoinfluenceoverthevagariesofnatureandhencecropharvests,orminingdiscoveriesandhencetheproductioncostsofindustrialcommodities.