Source: Securities Times
The next step in reforming the capital market is clear.
Wu Qing, Chairman of the China Securities Regulatory Commission, said at the International Financial Leaders Investment Summit on November 19 that in the next step, the China Securities Regulatory Commission will insist on promoting development and stability through reform, strive to improve the capital market functions that coordinate investment and financing, and speed up the formation of supporting technology The innovative multi-level market system supports the policy system of long-term money and long-term investment, improves the institutional mechanism of strong supervision and risk prevention, takes multiple measures to strengthen the quality and efficiency of investor protection, and continuously enhances market attractiveness, competitiveness and inherent stability.
Let’s look at the key statements:
1. I believe that as a series of incremental policy measures are gradually implemented, the system is further improved, and the capital market comprehensively deepens the reform and solid progress, the underlying logic of the long-term improvement of the capital market will be more stable and better services will be provided. To promote the overall development of Chinese-style modernization.
2. With the joint efforts of all parties, China's capital market has shown positive changes, investor expectations have improved significantly, and trading in A-shares, Hong Kong stocks and overseas Chinese assets are relatively active.
3. The China Securities Regulatory Commission will anchor the goal of high-level institutional opening, adhere to coordinated development and security, unswervingly deepen the two-way opening of the capital market, and further facilitate cross-border investment.
4. Further maintain the smooth flow of overseas financing channels, further improve the efficiency of filing for overseas listings, actively support qualified domestic companies to list overseas, and make better use of the two markets and two resources.
5. Continue to expand interconnection with overseas markets, expand the scope of Shanghai-Shenzhen-Hong Kong Stock Connect, expand interconnection of depositary receipts, and attract global medium and long-term funds.
6. Deepen the opening of the bond market to the outside world, and steadily expand the opening of the commodity and financial futures markets to better meet the diversified investment choices and risk management needs of international investors.
7. Carry out in-depth cross-border supervision and law enforcement cooperation on securities and futures, continue to strengthen regular communication with international investors, effectively enhance the stability, transparency, and predictability of policies, and continuously improve the convenience for foreign-funded institutions to do business in China.
8. The China Securities Regulatory Commission will continue to deepen practical cooperation between the two places and fully support Hong Kong in consolidating and upgrading its status as an international financial center.
The capital market has stabilized and rebounded, demonstrating strong resilience
Wu Qing said that since the beginning of this year, in the face of complex and changeable internal and external situations, the China Securities Regulatory Commission has implemented the Central Financial Work Conference spirit and the deployment of the new "Nine National Articles", closely following the main line of strengthening supervision, preventing risks, and promoting high-quality development, strengthening the foundation and strengthening the foundation, strict supervision and strict management, and striving to stabilize the market, confidence, and expectations. The capital market has stabilized and rebounded, reflecting Demonstrate strong resilience and contribute to high-quality economic development. He made an introduction with "five highlights".
First, highlight support for the development of new productive forces. Developing new productive forces is an intrinsic requirement and an important focus to improve and promote high-quality economic development. Since the beginning of this year, relevant policies and institutional arrangements such as "Sixteen Rules for Science and Technology Innovation", "Eight Rules for Science and Technology Innovation Board" and "Six Rules for Mergers and Acquisitions" have been introduced to further enhance It improves the inclusiveness and adaptability of the capital market system and supports the further concentration of high-quality resources in new productivity, green development and other aspects. Currently, there are nearly 2,700 listed companies related to strategic emerging industries in the entire market. Since the release of the "6 Mergers and Acquisitions" in September, more than 260 companies have disclosed matters related to asset restructuring, among which strategic emerging industries are the focus of mergers and acquisitions.
The second is to highlight the improvement of the investment value of listed companies. Investors are the foundation of the market, and listed companies are the foundation of the market. The China Securities Regulatory Commission urges listed companies to firmly establish the awareness of returning shareholders, improve the transparency of information disclosure and operational governance, issue market value management guidelines for listed companies, and support continued returns to investors through dividend buybacks and other methods.
The third is to focus on accelerating the reform of the investment side. In September this year, the China Securities Regulatory Commission and the Central Financial Office issued guidance on promoting the entry of medium and long-term funds into the market, focusing on opening up the congestion and pain points of social security, insurance, financial management and other funds entering the market, and cultivating a market ecosystem that encourages long-term investment. The China Securities Regulatory Commission has steadily promoted the reform of fee rates in the public fund industry and vigorously developed equity funds, especially indexed investments. The scale of equity ETFs has exceeded the 2 trillion and 3 trillion yuan mark this year.
The fourth is to highlight strict supervision and management to purify the market ecology. In response to the persistent problem of financial fraud, the China Securities Regulatory Commission has strengthened ministerial-level coordination and central-local coordination, accelerated the construction of a comprehensive punishment and prevention system, launched special actions to combat financial fraud by listed companies, and strengthened three-dimensional accountability. In the first 10 months of this year, the China Securities Regulatory Commission investigated and handled 658 related cases, with a fine and confiscation amount of 11 billion yuan. At the same time, it fully considers the market conditions of the A-share market where small and medium-sized investors account for the majority. The China Securities Regulatory Commission will insist on pursuing advantages and avoiding disadvantages, and highlighting fairness. , standardize development, timely improve institutional rules and regulatory measures for share reductions, quantitative transactions, etc., and further promote fairness, openness, and impartiality.
The fifth is to highlight the policy synergy of all parties. Under the leadership of the central government, the national macroeconomic management department and financial management department have recently introduced a series of vigorous policies and policy tools to stabilize investor confidence. The China Securities Regulatory Commission, together with the People's Bank of China, quickly launched two monetary policy tools: swap facilities for securities, funds, and insurance companies, and stock repurchases, holdings, and re-lending. At present, the first batch of 50 billion yuan of swap facility operations has been implemented, and more than 120 listed companies have disclosed repurchase, holding, and re-loan arrangements.
Deepen the two-way opening of the capital market in four aspects
Wu Qing said that with the joint efforts of all parties, China's capital market has shown positive changes, investor expectations have improved significantly, and trading in A-shares, Hong Kong stocks and overseas Chinese assets are relatively active. In the next step, the China Securities Regulatory Commission will thoroughly implement the deployment of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, insist on promoting development and stability through reform, strive to improve the capital market functions that coordinate investment and financing, and accelerate the formation of a multi-level market system that supports scientific and technological innovation. Support the policy system of long-term money and long-term investment, improve the institutional mechanism of strong supervision and prevention of risks, take multiple measures to strengthen the quality and effectiveness of investor protection, and continuously enhance market attractiveness, competitiveness and inherent stability.
Specifically, Wu Qing introduced that the China Securities Regulatory Commission will anchor high-level institutional opening goals, adhere to coordinated development and security, unswervingly deepen the two-way opening of the capital market, and further facilitate cross-border investment.
First, we will further keep overseas financing channels open, further improve the efficiency of overseas listing filings, actively support qualified domestic companies to list overseas, and make better use of the two markets and two resources.
The second is to continue to expand interconnection with overseas markets, expand the scope of Shanghai-Shenzhen-Hong Kong Stock Connect, expand interconnection of depositary receipts, and attract global medium and long-term funds.
The third is to deepen the opening of the bond market to the outside world and steadily expand the opening of the commodity and financial futures markets to better meet the diversified investment choices and risk management needs of international investors.
The fourth is to carry out in-depth cross-border supervision and law enforcement cooperation on securities and futures, continue to strengthen regular communication with international investors, effectively enhance the stability, transparency, and predictability of policies, and continuously improve the convenience for foreign-funded institutions to do business in China.
In addition, Wu Qing said that Hong Kong is an important bridge connecting the mainland capital market to the world. The China Securities Regulatory Commission will continue to deepen practical cooperation between the two places and fully support Hong Kong in consolidating and upgrading its status as an international financial center.
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