China's economy has grown from less than 400 billion yuan to nearly 100 trillion yuan, and its per capita GDP has risen from 156 US dollars to more than 10,000 US dollars. In 2019, in the situation of sustained economic adjustment, the A-share market out of the market beyond expectations, further show the energy of reform and opening up. Research institutions believe that economic restructuring and capital market reform and opening up will still provide an important opportunity for A-share in 2020.


Looking back on 2019, the A-share market in the complex situation inside and outside the market is overjoyed, and looking ahead to 2020, the continuation of the economic growth period seems to be unable to stop the agency's hopes for a better market. CITIC Securities said A-shares would have a \"Kokang Bull\" for two to three years in 2020 after a 2019 valuation fix. Everbright Securities has also proposed a new bull market, arguing that A-shares are expected to break through the constraints and start a long period that hasn't appeared in the past decade.


Haitong Securities said the bull market was already on the way. \"On January 4,2019, the Shanghai Stock Exchange index of 2440 points was the starting point for the sixth bull market, and a new bull market began.\" Haitong securities, the bull market has three stages, earnings and valuation davis double-click the second stage, that is, the main wave has been ready to go, the driving force is that corporate profits into the recovery cycle, the second is asset allocation to the stock market.


For 2020, CICC expects the Shanghai-Shenzhen 300 index to be trading at around 10 times the price-to-earnings ratio; Huatai Securities expects the Shanghai-Shenzhen 300 to be trading at more than 10 per cent; Pacific Securities expects the Shanghai index to be close to 3,600; and Unicom expects the Shanghai index to challenge the 3700-point region.


Different logic, space and rhythm are different, but the trend of the prediction is quite consistent. Despite the winter, the agency's hopes for spring were revealed between the lines of its report.


For China's economy,2019 is a veritable year of adjustment, both a continuation of the shift in economic growth over the past decade and a combination of disturbances from many external risk factors, with GDP growth slowing to 6% in the third quarter of 2019, the lowest in 30 years. In such a situation, the 2019 A-share market out of a few waves of market performance in the world outstanding.


Some organizations believe that, first, the perception of the economic downturn tends to be rational, and the fear of a stall downturn in the economy is apparently reduced; second, the increasing number of international and domestic challenges has led to greater counter-cyclical adjustment of various policies; and third, the economic pressure has been turned into a driving force to meet the difficulties, and at the same time, the economic and financial reform has made important progress in many aspects.


Macro-policy has also strengthened the adjustment of reverse cycle in time, cooperatively with policies such as finance, currency, industry and employment to timely and effectively stabilize market expectations, and laid a relatively suitable liquidity environment for the valuation and restoration of equity assets.


Internal and external pressure has been transformed into a driving force for deepening reform and opening wider to the outside world. In the field of finance, there are two outstanding points: first, the deepening of capital market reform has been greatly accelerated; and second, the pace of opening up to the outside world has been significantly accelerated.


\"policy efforts countercyclical regulation and financial deepening reform and opening up, people see the reasons for more A-shares. Analysts say this could be the key to moving the A-share market out of excess expectations in 2019. Following this line of thought, counter-cyclical adjustment brings the hope of economic stabilization and profit recovery, while deepening reform provides mechanism guarantee and power support, which further increases the imagination space of 2020 market.


Over the past four decades or so, China's economy has grown from less than 400 billion yuan to nearly 100 trillion yuan; the living standards of its residents have been continuously improved; the business environment has continued to improve; foreign exchange reserves have been greatly enriched; and the capital market has grown. All this has benefited to a considerable extent from reform and opening up.


It is worth mentioning that foreign investors are paying more attention to China's capital market because of the sustained deepening of reform and opening up. According to the central bank, as of September 2019, the market value of foreign ownership of China's stock market and bond market was trillion yuan and trillion yuan respectively, accounting for% and% of the market value of China's stock market and bond market respectively, a proportion of which does not appear to be large. But in terms of increments, the market value of foreign holdings in the Chinese stock market rose by 617 billion yuan, or as much as 54 percent, in the first September of 2019, and the market value of holdings in the Chinese bond market increased by 472 billion yuan, or as much as 28 percent.


“This round of regulation uses more means of reform and opening up rather than a return to the old road of stimulus, which offers more long-term hope." A recent overseas roadshow report by haitong securities said foreign investors had clearly felt an acceleration in china's market opening up, with some big international fund companies saying they were or were preparing to enter the chinese market and that investing in china was one of their most important strategies for the future.