Improving the basic system of capital market is the main theme of comprehensively deepening the reform of capital market. Since last year, China Securities Regulatory Commission (CSRC) has taken the reform of registration system as the leader, paid attention to the role of experimental field of the reform of science and technology innovation board, promoted the innovation of key systems in the capital market as a whole, strengthened the summary and evaluation, and gradually extended the effective system to the whole market. This has played a key role in building consensus among all parties and ensuring the smooth and smooth progress of the reform.
Improving the basic system of capital market is the fundamental policy to prevent and resolve financial risks. China Securities Regulatory Commission (CSRC) focuses on improving the system and mechanism, complementing the weaknesses and strengths and weaknesses, continuously improving the risk prevention and control mechanism, and resolutely curbing the occurrence of incremental risks; at the same time, relying on the institutional constraints, the CSRC promotes all parties such as listed companies, intermediary institutions, investors to return to their positions and fulfill their responsibilities, so as to consolidate the internal foundation for the stable operation of the market.
Perfecting the basic system of capital market is the inevitable requirement of dealing with the relationship between government and market scientifically. Yi Huiman stressed that 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 of capital market includes four characteristics
Yi Huiman pointed out that 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. Specifically, it includes at least the following four aspects of characteristics.
First, the basic system is extensive, systematic and comprehensive. From the perspective of the organization and operation of the securities and futures market, the basic system includes the institutional arrangements in key links and important fields such as issuance, trading, information disclosure, refinancing, continuous supervision and delisting; From the perspective of the effectiveness and level of the system, it not only involves laws and regulations such as securities law, company law, fund law and futures trading management regulations, but also includes institutional arrangements that play a key role in various departmental rules, normative documents and self-discipline rules; from the perspective of market entities, it covers the institutional rules governing the main behaviors of listed companies, intermediaries, trading places, investors and other subjects u3002
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.
Third, the basic system must be continuous, stable and predictable. The basic system should be 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.
Six aspects to accelerate the construction of more mature and stereotyped
Basic system of capital market
Yi Huiman said that we should accelerate the construction of a more mature and stereotyped basic system of capital market, and constantly enhance the attractiveness and international competitiveness of Chinas 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 steadily implement the registration system in the whole market in accordance with the three principles of respecting the basic connotation of the registration system, learning from international best practices, reflecting Chinese characteristics and development stages. We should improve the information disclosure rules system guided by investors needs, establish diversified and inclusive listing conditions, improve the issuance and underwriting mechanism, and create a transparent and efficient issuance audit and registration mechanism with clear rights and responsibilities, unified standards, and transparency. Actively and steadily optimize transaction settlement system, enrich risk management tools, optimize margin trading and securities lending and refinancing systems, and steadily promote the reform of DVP settlement system. We will improve the institutional arrangements for normalization and multi-channel delisting.
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.
We should adhere to highlighting characteristics and dislocation development, improve the differentiated positioning and relevant institutional arrangements of various market sectors, further deepen the reform of the new third board, study and issue relevant rules for listed companies of selected layers to be listed on the stock market, and improve the service ability of small and medium-sized enterprises. We should improve the differential supervision and risk prevention system of private equity funds, and give full play to the positive role of private equity investment in supporting innovation and entrepreneurship. We will promote the interconnection of bond market infrastructure, expand the pilot scope of public offering REITs, and actively and steadily promote the innovation of futures and derivatives markets.
Taking the opportunity of implementing the opinions on further improving the quality of listed companies, we will work with local governments and relevant departments to further improve the institutional arrangements for the standardized operation and strengthening of listed companies, so as to promote the overall quality of listed companies to achieve a great leap forward. We should improve the endogenous mechanism that promotes the innovation and development of securities fund and futures business institutions and moderately compatible with risk prevention, encourage and support business, product, service, organization and technological innovation, improve the supporting measures for the industry institutions to become better and stronger, and promote the development of world-class investment banks and wealth management institutions. We should improve the audit, evaluation, legal services, credit rating rules system, compact the responsibilities of intermediary agencies, and build a capital market intermediary system with matching rights and responsibilities.
Fourth, strengthen the construction of investment side system.
While speeding up the reform of financing side, we should promote the reform of investment side. We should strengthen the management team of public funds, improve the business rules of investment consultants, and strive to improve 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; improve the accounting, performance evaluation and incentive mechanism of equity investment, and cultivate and strengthen the willingness and ability of long-term investment in the capital market. We should accelerate the implementation of the securities class action system, improve the system and mechanism for the exercise, protection and relief of investors rights, and actively advocate the culture of long-term investment, value investment and rational investment.
The fifth is to improve the legal guarantee and supporting system of capital market.
We should actively cooperate with the revision of the criminal law, the legislation of the Futures Law and the promulgation of relevant judicial interpretations, promote the formulation of administrative regulations on the issuance and trading of asset-backed securities, gradually build a legal and regulatory system in line with the law governing the development of the capital market, and promote the improvement of the supervision and law enforcement system in which administrative law enforcement, civil recovery and criminal punishment are interconnected and mutually supported. We will deepen the reform of release, control and service, implement the system of list of rights and responsibilities, and stimulate the vitality of market innovation.
Sixth, steadily promote the institutional opening of capital market.
The two-way development of the two-way capital market needs to expand. The CSRC will gradually unify and simplify the channels and ways for foreign investors to participate in Chinas capital market, deepen the interconnection of domestic and foreign markets, expand the direct access channels for foreign institutional investors in the bond market of the exchange, and broaden the scope and path of opening up the options of commodities and stock index futures. We will strengthen cooperation in cross-border auditing and international regulatory law enforcement, and actively participate in international financial governance.
Supporting the reform, opening up and high-quality development of Beijings capital market, Yi Huiman said that the CSRC will continue to promote and support the reform, opening up and high-quality development of Beijings capital market. We will continue to deepen the reform of the new third board, support the construction of private equity trading platform and intellectual property trading center in Beijing, and promote the improvement of the capitals factor market system. We should encourage and support all kinds of domestic and foreign funded institutions to actively take advantage of the new opportunities of the construction of the two zones in Beijing, speed up the innovation and development, and constantly become better and stronger. We will support Beijing to carry out the pilot project of financial technology innovation supervision in the capital market, and promote the construction of the capitals regional equity market blockchain registration and custody infrastructure. We will actively participate in the construction of Beijings demonstration zone of legal integrity capital market. Editor: Cao Shuai extended reading Hubei Zhongxiang: the key task of the central environmental supervision virtual rectification RMB rose! This will affect the housing, stock and bond markets. The Dow closed down 0.4% and snap rose 28.3%. Teslas financial report exceeded expectations. Source: China Securities Journal Author: Min Xiuli editor in charge: Zhong Qiming_ NF5619
Support the reform, opening up and high quality development of Beijings capital market
Yi Huiman said that the CSRC will, as always, promote and support the reform and opening up of Beijings capital market and its high-quality development. We will continue to deepen the reform of the new third board, support the construction of private equity trading platform and intellectual property trading center in Beijing, and promote the improvement of the capitals factor market system. We should encourage and support all kinds of domestic and foreign funded institutions to actively take advantage of the new opportunities of the construction of the two zones in Beijing, speed up the innovation and development, and constantly become better and stronger. We will support Beijing to carry out the pilot project of financial technology innovation supervision in the capital market, and promote the construction of the capitals regional equity market blockchain registration and custody infrastructure. We will actively participate in the construction of Beijings demonstration zone of legal integrity capital market.