At “Capital Market 2015: Reform Dividend & Investment Strategies” on March 28th, Jiming HA (Vice Chairman and Chief Investment Strategist, the Investment Strategy Group for Private Wealth Management) explained that the leverage effect on U.S. and China varies as U.S. generates positive results including decrease in leverage rate and debts of real economy, while China’s economic debts rise afterwards. He commented that listing system in China’s exchange market is similar with the bank’s loan system in that a bank will only lend to big enterprises instead of smaller ones, and that in China the exchange market companies with high potential is not yet suf？cient enough, based on current pro？tability, and will not be able to be listed. He said that this would cost China a great amount of excellent enterprises.