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Steady Characters Take the Lead in Reform and Tackling Hard Problems-Interview with Yi Huiman, Chairman of China Securities Regulatory Commission

Xinhua News Agency, Beijing, December 30th, title: Steady Characters Take the Lead in Reform and Tackling Hard Problems-Interview with Yi Huiman, Chairman of China Securities Regulatory Commission

Xinhua News Agency reporter Liu Hui

“Stability” is the most prominent key word of this year’s Central Economic Work Conference. How does the China Securities Regulatory Commission implement the spirit of the Central Economic Work Conference? What will be the focus of the reform and opening up of the capital market next year? Yi Huiman, chairman of the China Securities Regulatory Commission, accepted an interview with Xinhua News Agency reporters, and pointed out that next year’s work of the China Securities Regulatory Commission will focus on the two key words of “stable character as the first” and “reform and tackling tough problems”.

Put stabilizing growth, preventing risks, and promoting reforms in a more prominent position

Question: The Central Economic Work Conference requires that next year’s economic work must be steady and progress while maintaining stability. What are the specific measures taken by the China Securities Regulatory Commission to promote macroeconomic stability and high-quality service development?

Answer: We will put stabilization of growth, prevention of risks, and promotion of reforms in a more prominent position, pinpoint positioning, scientifically grasp the relationship between “stability” and “progress”, comprehensively deepen reform and opening up, strengthen accountability, and strive to achieve the “three stability” “Three advances” actively contribute to the stabilization of the macro economy.

On the one hand, stick to the word “stable” as the head. The first is to highlight the “stability” of the market, which is the basis for maintaining the normal functioning of the market and stabilizing market confidence. We will work with relevant departments to implement comprehensive policies, take multiple measures simultaneously to promote the smooth operation of the market, and resolutely prevent big ups and downs, and rush up and down. The second is to highlight policy “stability”, prudently evaluate the conditions and timing of the introduction of major policies and measures in the capital market, proactively strengthen communication with the market, and insist on first standing and then breaking, steady and steady. The third is to highlight the “stability” of expectations, actively strengthen policy coordination and information sharing with relevant departments, introduce more policy measures that are conducive to stabilizing growth and stabilizing expectations, and cautiously introduce policies with shrinking effects to prevent individual correctness and composite fallacy.

On the other hand, insist on “progress” while maintaining stability. First, reflect “advance” in reform, fully implement the registration system for stock issuance, promote the improvement of the quality of listed companies, improve the multi-level capital market system, further optimize the market ecology, promote and improve the market-oriented resource allocation system and mechanism, and further stimulate market innovation vitality . Second, embodies “advance” in opening up, steadily promote the two-way opening of the capital market system, strengthen the interconnection of domestic and foreign markets, accelerate the reform of the overseas listing filing system, strengthen international securities regulatory cooperation, handle the relationship between openness and security, and support enterprises Make better use of two markets and two resources for development. Third, we should show “progress” in serving the high-quality development of the real economy, continue to maintain the normalization of IPOs and refinancing, adhere to the “hard technology” positioning of the Sci-tech Innovation Board, build the Growth Enterprise Market, run the Beijing Stock Exchange steadily, and standardize development Private equity and venture capital funds, to guide funds to increase support for key areas such as technological innovation, manufacturing, and small and medium-sized enterprises; to give full play to the role of the capital market as the main channel for mergers and acquisitions and reorganization to promote structural changes; to give full play to the function of the commodity futures market to hedge bulk commodities And energy prices fluctuate sharply; pay close attention to the capital market to support 18 measures to revitalize the industrial economy, and strengthen directness and accuracy.

Is stepping up to formulate a market-wide registration system reform plan

Question: The Central Economic Work Conference pointed out that the registration system for stock issuance will be fully implemented. What is the current state of preparations for the implementation of the registration system in the whole market? What is the focus of the next step?

Answer: The Party Central Committee and the State Council have made important arrangements for the reform of the registration system on many occasions. This time the Central Economic Work Conference once again put forward clear requirements, which further strengthened the confidence of all parties in the reform. Since the beginning of this year, we have systematically reviewed and evaluated the experience of the pilot registration system for the Sci-tech Innovation Board and ChiNext, promptly discovering and solving problems, and responding to market concerns. The Beijing Stock Exchange was established and the pilot registration system was launched simultaneously. In general, the pilot project has achieved the expected goals, and the conditions for the full implementation of the registration system have gradually been met. At present, we are stepping up efforts to formulate a market-wide registration system reform plan and steadily advance relevant preparations to ensure the smooth implementation of this major reform.

First, grasp the correct direction of the registration system reform. The scale of stock enterprises and investors involved in the reform of the market-wide registration system is larger, the interest relationship is more complicated, and the policy adjustments in many links are very sensitive. This requires us to grasp the correct direction of the reform, adhere to the three principles of respecting the basic connotation of the registration system, drawing on international best practices, reflecting Chinese characteristics and characteristics of the development stage, accelerating the transformation of issuance supervision, and consolidating the main responsibility of the exchange. In particular, on major issues such as optimizing the review and registration mechanism, scientifically grasping the positioning of each sector, strengthening the standardization and guidance of capital, and strengthening the anti-corruption risk prevention under the registration system, we adhere to the principle of stability and careful verification, and make the work more detailed and practical. Consolidate the ideological, professional and clean government foundation for the reform of the registration system.

Second, create a favorable environment and conditions for the full implementation of the registration system. Since the beginning of this year, we have steadily promoted the reform of multiple systems and rules such as optimizing issuance pricing, shareholder verification, urging intermediary agencies to return to their positions and due diligence, on-site inspection and guidance and acceptance, and improving the quality of the prospectus, and achieved positive results. We will continue to work hard on “embroidery”, make solid preparations for various rules, businesses and technologies, strengthen risk control and quality control of reforms, and strive to achieve good results.

Third, take the reform of the registration system as a guide to comprehensively deepen the reform and opening up of the capital market. The reform of the registration system is not only the reform of the issuance link, but also the reform of the full elements and the entire chain of the capital market. We will use this as an opportunity to coordinate the promotion and improvement of the quality of listed companies, improve the delisting mechanism, multi-level market construction, intermediary and investment end Reform and improve key reforms such as the securities law enforcement judicial system and the investor protection system, promote key system innovation, and explore a path for the development of a modern capital market with Chinese characteristics.

Form a strong synergy of industry supervision and securities supervision

Question: The Central Economic Work Conference pointed out that it is necessary to set “traffic lights” for capital and strengthen effective supervision of capital in accordance with the law. How will the China Securities Regulatory Commission implement the above requirements to support and guide the healthy development of capital standards?

Answer: Capital and capital markets have close internal connections and essential differences. Since the beginning of this year, we have gradually deepened our understanding of strictly controlling the “entry” of the capital market and preventing the disorderly expansion of capital in combination with our regulatory practices, and have made some active explorations in promoting the improvement of related systems and mechanisms.

In the next step, we will in-depth study and implement the spirit of the Central Economic Work Conference. On the one hand, we will promote the positive role of capital as a production factor. We will continue to strengthen the important function of the capital market in promoting technology, capital and industrial circulation, and protect property rights and knowledge. property. On the other hand, to promote the advancement of regulatory barriers, each bear its own responsibilities, and work with relevant parties to establish and improve the institutional mechanism to effectively control the negative effects of capital, set “traffic lights” for capital, and form a strong synergy of industry supervision and securities supervision. At the same time, we will insist on strict supervision of financing mergers and acquisitions in specific sensitive areas to promote the healthy development of capital regulations.

The smooth operation of the market is “reformed”, not “shou”

Question: The Central Economic Work Conference pointed out that we must correctly understand and grasp the prevention and resolution of major risks. What further deployments will the China Securities Regulatory Commission have in terms of financial risk prevention and control?

Answer: In recent years, capital market risks have gradually converged and are generally controllable, the market structure has been improving day by day, and market vitality and resilience have increased significantly. However, we are also soberly aware that the current financial risks are still prone to, frequent and high-incidence stages. We will adhere to the bottom line thinking, adhere to categorized policies, precise bomb disposal, learn the little things, grasp the small ones early, and resolutely hold the bottom line of risk.

First, strive to maintain the steady and healthy development of the capital market. The practice of these years has fully proved that the smooth operation of the market is the result of “reform”, not “guard”. We will strengthen macro-level research and judgment, continue to improve risk monitoring, early warning, disposal, and accountability mechanisms, improve response toolboxes, and improve the proactive and predictive work of risk prevention and control. At the same time, we will continue to stimulate market vitality and resilience through deepening reforms, guide and stabilize market expectations, and continue to consolidate the market’s endogenous stability mechanism.

Second, steadily promote risk resolution in key areas. Adhere to both symptoms and root causes, steadily resolve the risk of bond defaults, continue to cooperate with relevant parties to handle key cases and eliminate spillover effects as much as possible; further consolidate the responsibilities of issuers and intermediaries, and improve the market-based legalized bond default resolution mechanism. At the same time, we will keep a close eye on new signs of risk and new manifestations of financial chaos, strengthen collaboration with relevant departments and local governments, and carry out special rectifications on “pseudo-private equity”, “pseudo-money exchanges”, and various pseudo-wealth management. Eliminate the regulatory vacuum.

Third, promptly promote the improvement of the system and the enhancement of supervisory capabilities. Practice has proved that supervisory capabilities and system flaws are an important cause of risk. We will work with relevant parties to continue to promote the improvement of the financial rule of law, including the formulation of basic laws and regulations such as the Futures and Derivatives Law, the Private Equity Regulations, and the Regulations on the Supervision of Listed Companies to fill the regulatory gap. To adapt to new changes in the integration, platformization, grouping, online and offline integration of financial formats, strengthen system construction, eliminate the regulatory vacuum, exert regulatory synergies, and enhance regulatory effectiveness. At the same time, efforts will be made to improve the digital and intelligent level of supervision, and improve the overall quality and professional capabilities of supervisory cadres.

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