2. Strengthening the construction of the market infrastructure system should not swing left and right. At the same time, the basic system should be stable and keep pace with the times, and be enriched and improved with the development of the market.
5. Further deepen the reform of the new third board, study and promulgate the relevant rules for the listing of selected companies, and improve the service ability of small and medium-sized enterprises.
7. We should promote the optimization of the policy environment for medium and long-term funds such as the third pillar pension, and cultivate and strengthen the willingness and ability of long-term investment in the capital market.
9. We should actively advocate long-term investment, value investment and rational investment culture.
10. We will gradually unify and simplify the channels and ways for foreign capital to participate in Chinas capital market, and accelerate the opening up of markets, industries and products at a high level.
Devolve the power of should not be managed to the market and control the should be managed well
First, improving the basic system of the capital market is an urgent need to promote the smooth circulation of the national economy. In order to promote the formation of a new development pattern with domestic circulation as the main body and domestic and international dual circulation promoting each other, the key is to improve the adaptability of supply to demand and form a higher level dynamic balance of demand pulling supply and supply creating demand. Capital market information is open and transparent, and price signal is sensitive, which is an important platform for market-oriented allocation of factor resources. Improving the basic system of capital market is conducive to comprehensively enhancing the hub function of capital market, mobilizing and guiding all kinds of factor resources to gather in more efficient and dynamic fields, promoting the formation of innovative capital and improving the efficiency of economic and financial circulation.
Third, improving the basic system of capital market is the fundamental policy to prevent and resolve financial risks. In recent years, under the unified command and coordination of the financial commission of the State Council, we have adhered to the principle of classified policy implementation, addressing both symptoms and root causes, steadily and orderly resolving various stock risks in the operation of the capital market and achieving total convergence; at the same time, we have focused on improving the system and mechanism, complementing the strengths and weaknesses of the weaknesses, constantly improving the system and mechanism of risk prevention and control, and resolutely curbing the occurrence of incremental risks. In this process, we pay attention to rely on institutional constraints to promote listed companies, intermediaries, investors and other parties to return to their positions and fulfill their responsibilities, so as to consolidate the internal foundation for the stable operation of the market.
Fourth, improving the basic system of capital market is the inevitable requirement of dealing with the relationship between government and market scientifically. We have always adhered to the rule of law, supervision and management according to the law, and act in strict accordance with the rules of the system, which is logically consistent with the practice of the concept of non intervention and further reduction of regulation. The establishment and improvement of an open and transparent system of capital market rules and regulations, so that the market has a clear expectation of supervision, is conducive to the firm decentralization of the should not be managed to the market, but also conducive to the control of the should be managed, so as to achieve a virtuous cycle of market ecology.
The basic system should not swing from side to side, but should be constantly enriched and improved
Yi Huiman thinks that the theoretical circle and the industry have studied and discussed the connotation and extension of the basic system of capital market from different dimensions. Generally speaking, the basic system of capital market should be a set of closely linked, internally coordinated and mutually supporting system, which together constitute the four beams and eight pillars to ensure the normal operation and effective play of the capital market.
Second, the core of the basic system is to promote all parties in the market to return to their positions and fulfill their responsibilities. Through the arrangement of laws, regulations and system rules, the basic system clarifies the rights and obligations of all participants in the market, standardizes the organization and operation mode of the market and the behavior of the market subjects, including the responsibility boundary of the supervision department. It is the basic and key institutional arrangement for building a benign market ecology and ensuring the function and efficient operation of the capital market. The basic system must be continuous and stable And predictable.
Third, the basic system should manage the fundamental and long-term. To strengthen the construction of market basic system, we should reflect the scientific understanding and grasp of the law of market development, highlight the basic concepts and core principles conducive to the high-quality development of the capital market, and should not swing from side to side. At the same time, the basic system should be stable and keep pace with the times, and be enriched and improved with the development of the market.
Fourth, the basic system should embody the organic combination of proceeding from reality and drawing lessons from international best practices. Chinas capital market is still in the primary stage of development. The structure of investors, the structure of listed companies, the environment of rule of law and integrity are quite different from mature markets. We need to learn from international experience, base on Chinas national conditions and market conditions, constantly strengthen the epochal and adaptability of the capital market infrastructure construction, and gradually build it into a market that follows the international market practice and has a medium level Capital market system with Chinese characteristics.
Yi Huiman made clear the relevant considerations of strengthening the capital market infrastructure system construction in the next stage. He pointed out that to strengthen the construction of the basic system, we must firmly grasp the fundamental purpose of serving the real economy and protecting the legitimate rights and interests of investors, adhere to the direction of marketization, legalization and internationalization, adhere to the principles of problem orientation, overall planning and balance, and step by step, focus on solving institutional and institutional obstacles, accelerate the construction of a more mature and stereotyped basic system of capital market, and constantly improve me The attractiveness and international competitiveness of Chinas capital market.
The first is to take the reform of registration system as the leader to drive the key institutional innovation of capital market. On the basis of summing up the pilot experience of the science and technology innovation board and the growth enterprise market, the CSRC will continue to follow the three principles of respecting the basic connotation of the registration system, learning from international best practices, reflecting Chinese characteristics and development stages, steadily implement the registration system in the whole market, improve the information disclosure rule system oriented by investor demand, establish diversified and inclusive listing conditions, and improve the issuance and underwriting Mechanism: to create a clear rights and responsibilities, unified standards, transparent and efficient issuance audit registration mechanism, actively and steadily optimize the transaction settlement system, enrich risk management tools, optimize the margin trading and refinancing system, and improve the normalized and multi-channel delisting system.
The second is to improve the multi-level capital market system with more inclusiveness and adaptability, and continuously strengthen the support of direct financing to the real economy.
Fourth, strengthen the construction of investment side system. While speeding up the reform of the financing side, the CSRC will work together to promote the reform of the investment side, expand the management team of public funds, improve the business rules of investment consultants, focus on improving the professional ability of various asset management institutions, promote the optimization of the policy environment for medium and long-term funds such as the third pillar pension, and cultivate and strengthen the willingness and ability of long-term investment in the capital market; at the same time, it will accelerate the reform We should promote the implementation of the securities class action system, improve the system and mechanism for the protection and relief of investors rights and interests, actively advocate long-term investment, value investment and rational investment culture.
The fifth is to improve the legal guarantee and supporting mechanism of capital market. The CSRC will actively cooperate with the revision of the criminal law, the legislation of the Futures Law and the introduction of relevant judicial interpretations, actively formulate administrative regulations to support the issuance and trading of asset-backed securities, gradually build a legal and regulatory system in line with the development law of the capital market, promote the improvement of the supervision and law enforcement system of administrative enforcement of law, civil recovery, convergence and mutual support of criminal accountability, and deepenu201c We should carry out the system of power and responsibility list, and stimulate the innovative vitality of the market.
Sixth, steadily promote the institutional opening of capital market. Expanding the high-level two-way opening of the capital market is the inherent requirement of building a new pattern of dual cycle development. The CSRC will gradually unify and simplify the channels and ways for foreign investors to participate in Chinas capital market, expand the channels for foreign institutional investors to directly participate in the exchange and bond market, improve the scope and path of futures option variety opening, and strengthen cross-border audit and international regulatory law enforcement cooperation Actively participate in international financial governance.
Yi Huiman: let the market have a clear expectation of regulation