Securities Times reporter Cheng Dan
Yesterday, Li Chao, vice-chairman of the China Securities Regulatory Commission, said at a press conference on the theme of “This Decade of China” held by the Central Propaganda Department that the capital market is undergoing profound structural changes, the market system has been greatly improved, and the investment and financing functions have been significantly enhanced. , a benign market ecology has gradually formed, and the CSRC will continue to adhere to the establishment of systems, non-intervention and zero tolerance, and strive to create a standardized, transparent, open, dynamic and resilient capital market.
Li Chao pointed out that since the 18th National Congress of the Communist Party of China, the China Securities Regulatory Commission has conscientiously implemented the spirit of General Secretary Xi Jinping’s important instructions on the capital market, implemented the deployment of the Party Central Committee, comprehensively deepened the reform and opening up of the capital market, and strengthened the construction of basic systems. The capital market is undergoing a profound structure. changes in nature, the inclusiveness of the market system has been greatly improved, the investment and financing functions have been significantly enhanced, and a benign market ecology has gradually formed. In the past ten years, the stock market has grown by 238.9%, and the bond market has grown by 444.3%, ranking second in the world. There are more than 200 million investors in the stock market, making important contributions to serving high-quality development.
First, the breadth and depth of serving the real economy have been significantly expanded. Vigorously improve the multi-level market system, launch the New Third Board, the Science and Technology Innovation Board, and establish the Beijing Stock Exchange. The adaptability of the capital market to the real economy has been greatly enhanced, and the high-level circulation of technology, capital and the real economy has been smoothed. “The effect of industrial agglomeration has taken shape initially. The exchange bond market has become an important channel for non-financial corporate bond financing, and futures options cover major areas of the national economy.
Second, important breakthroughs have been made in comprehensively deepening reforms. Focusing on deepening the structural reform of the financial supply side, comprehensively deepening the reform of the capital market, the basic system has become more mature and finalized. Realize the leap from the approval system to the registration system, steadily promote the pilot registration system, greatly improve the degree of marketization of issuance, review and registration efficiency and predictability, and systematically improve key systems such as trading and delisting, and the reform meets the expectations of all parties in the market.
Third, the high-quality development of market entities has reached a new level. The proportion of the profits of entity listed companies in the profits of industrial enterprises above the designated size has increased from 23% ten years ago to nearly 50% now, and the pillar status of the national economy has become more consolidated. The total assets of securities and futures business institutions have increased by 5.5 times in ten years, and the management scale of public funds is currently 26 trillion yuan, an increase of 8 times in ten years, and the strength of the industry has been greatly enhanced.
Fourth, the international attractiveness and influence of the capital market have been greatly enhanced. Coordinate opening and security, and open a new chapter in institutional opening. The proportion of foreign shares in industry institutions has been fully liberalized, Shanghai-Shenzhen-Hong Kong Stock Connect and Shanghai-London Stock Connect have been launched, and A-shares have been included in internationally renowned indexes and their proportion has been continuously increased, and foreign capital has maintained a net inflow for many consecutive years.
Fifth, the “four beams and eight pillars” of the capital market legal system have been basically completed. The new Securities Law and the Criminal Law Amendment (11) have been implemented successively. The State Office of the CPC Central Committee has issued opinions on cracking down on illegal securities activities in accordance with the law. The Futures and Derivatives Law has laid a good legal foundation for the high-quality development of the futures market. The deterrent force of “tolerance” law enforcement has been significantly enhanced, and the situation that the cost of violations of laws and regulations in the market is too low has been fundamentally changed.
Sixth, market resilience and anti-risk capabilities have been significantly enhanced. Persist in improving the efficiency of supervision and governance through reforms, improve the endogenous stability of the market and external restraint mechanisms, stabilize market expectations in a timely manner, and make capital market risks generally convergent and basically controllable. In recent years, it has also withstood various international and domestic shocks that exceeded expectations. The main indexes rose steadily, and the healthy development trend continued to consolidate.
In response to the structural changes in the market, Li Chao introduced that the multi-level market system is becoming more and more perfect, and the characteristics of each market and each sector are more prominent. The Shanghai and Shenzhen Main Boards more prominently feature “big blue chips”, the Science and Technology Innovation Board adheres to the “hard technology” feature, the ChiNext continues to maintain the “three innovations and four new” features, and the Beijing Stock Exchange and the New Third Board focus on innovative small and medium-sized enterprises. The structure of listed companies has undergone significant changes, and the quality has been significantly improved. There are nearly 2,200 listed companies in strategic emerging industries, and 46 listed companies in strategic emerging industries with a market value of more than 100 billion yuan have grown from a complete blank ten years ago. The effect of the survival of the fittest in the market is accelerating, and funds from all parties are more interested in leading stocks and blue-chip stocks. The orientation of respecting the law and punishing evil and promoting good has been continuously strengthened. With the improvement of the comprehensive insurance system and the “zero tolerance” system and mechanism for cracking down on illegal and criminal activities, the market atmosphere of honest operation and respect for the rule of law is accelerating.
Li Chao said that in the next step, the CSRC will continue to adhere to the establishment of a system, non-intervention and zero tolerance, and strive to create a standardized, transparent, open, dynamic and resilient capital market.Return to Sohu, see more
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