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Special topic: heavy weight! After 10 years! The State Council issued another guiding document on the capital market.
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Source: Xinhua News Agency
A few days ago, the State Council issued a number of opinions on strengthening supervision and preventing risks to promote the high-quality development of the capital market. The opinions issued this time are divided into nine parts, which is the third "national nine articles" of the capital market. Wu Qing, secretary of the party committee and chairman of the CSRC, accepted an exclusive interview with reporters on the 12th on the implementation of this opinion.
Ten years later, the State Council issued the capital market guidance document again.
Q: how do you understand the significance of the publication of opinions?
A: the opinions issued by the State Council this time thoroughly implement the spirit of General Secretary Xi Jinping's important instructions on the capital market and implement the arrangements of the Central Financial work Conference, 10 years after the two National Nine articles in 2004 and 2014. The capital market guidance document issued by the State Council again fully reflectsWildhammermegawaysThe CPC Central Committee and the State Council attach great importance to and ardent expectations of the capital market.
Compared with the first two "National Nine articles", the opinions issued this time mainly have the following characteristics: first, they fully reflect the political and popular nature of the capital market. It is stressed that it is necessary to adhere to and strengthen the party's overall leadership over the capital market work, adhere to the people-centered value orientation, and more effectively protect the legitimate rights and interests of investors, especially medium and small investors. The second is to fully reflect the main line of strong supervision, risk prevention and high-quality development. It is necessary to adhere to stability as the tone, strengthen the foundation, strictly supervise and manage it, and better serve the overall situation of high-quality economic and social development with the high-quality development of the capital market itself. The third is to fully reflect the goal-oriented and problem-oriented. In particular, in view of the outstanding problems in the institutional mechanism, supervision and law enforcement exposed by stock market fluctuations since August last year, we should make up for our weaknesses and weaknesses in a timely manner, respond to investors' concerns, promote the resolution of deep-seated contradictions accumulated over a long period of time in the capital market, and speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.
The development goal of the capital market set by the opinion is progressive layer by layer.
Q: how to understand the capital market development goals put forward by the opinions in the future?
A: the 20th CPC National Congress clearly proposed to comprehensively promote the great rejuvenation of the Chinese nation with Chinese-style modernization. The goal of speeding up the construction of a financial power was put forward at the Central Financial work Conference. A strong capital market is the standard of modern economy. Promoting the high-quality development of the capital market is conducive to promoting the high-level circulation of science and technology, industry and capital, improving the modern industrial system, promoting the development of new productive forces, and enriching financial products and services. create more opportunities to increase residents' property income; it is also conducive to the development of equity financing, optimize the financing structure, and improve the modern financial system with Chinese characteristics.
The new "National Nine articles" focuses on the center of Chinese-style modernization, anchors the goal of building a financial power, and puts forward the development goals of the capital market in the next five years, 2035 and the middle of this century. The development blueprint is drawn from the aspects of investor protection, the quality of listed companies, the development of industry institutions, regulatory capacity and the construction of governance system. We understand that this series of development goals are systematic, comprehensive and progressive, and we must unswervingly adhere to the direction of market-oriented and legal reform, respect laws and rules, and implement them one step at a time. Unswervingly turn the blueprint into reality.
The implementation of opinions will form a "1x N" policy system.
Q: how will the CSRC systematically promote the implementation of the various policy measures put forward in the opinions?
A: the new "National Nine articles" adhere to systematic thinking, the combination of far and near, comprehensive policies, and the implementation arrangements organized and implemented by the Securities Regulatory Commission and relevant parties, so as to jointly form a "1N" policy system. "1" is the opinion itself, and "N" is a number of supporting system rules. Last month, we issued four supporting policy documents, including strict access to issuance and listing, and strengthening the continuous supervision of listed companies. Today, supporting policy documents on strengthening delisting supervision will also be issued, and opinions on six specific institutional rules will be openly solicited. The exchange will also have a number of self-regulatory rules to solicit opinions at the same time. In the next step, we will also study and formulate reform measures to promote the long-term development of the capital market on the basis of in-depth research.
Generally speaking, the main line of the "1x N" policy system is to strengthen supervision, prevent risks, and promote high-quality development. This is an organic whole that complements each other, which must be promoted as a whole and implemented systematically.
In terms of strong supervision, we will build an omni-directional and three-dimensional capital market supervision system, and fully implement the supervision of "long teeth with thorns". The supervision of listed companies should highlight the whole chain supervision and enhance the investment value of listed companies, and make continuous efforts in the following three aspects: strict listing control, strict and continuous supervision, and strengthening delisting supervision. Institutional supervision should promote a return to its origin, be better and stronger, further consolidate the responsibilities of "gatekeepers", guide securities and futures funds and other industry institutions to correct their business concepts, and enhance their compliance level, professional service capability, and core competitiveness. Actively cultivate rational investment, value investment, long-term investment concept and healthy investment culture. Transaction supervision should promote fairness and efficiency, standardize the trading behavior of all kinds of subjects and funds, severely crack down on violations of laws and regulations that disturb the market, and maintain open, fair and just order.
In terms of risk prevention, we will put forward a series of mechanism arrangements and policy measures from the aspects of maintaining the smooth operation of the market, preventing and defusing risks in key areas, improving the expected management mechanism, and co-ordinating opening up and security. In particular, it is necessary to enhance the inherent stability of the capital market, improve the risk monitoring and disposal mechanism, and strive to stabilize confidence and expectations.
In terms of promoting high-quality development, we will conscientiously implement the requirements of the five major articles on finance put forward by the Central Financial work Conference, further improve the multi-level capital market system, and enhance the adaptability and inclusiveness of the capital market system. We will promote capital formation, better serve new industries, new business type, new technology and other innovations, and effectively promote the development of new quality productive forces. At present, we are carrying out a comprehensive assessment of capital market reform, extensively listening to the opinions and suggestions of all parties, studying and improving relevant systems and rules, and promoting the continuous deepening of important institutional reforms such as the stock issue registration system.
Form the effective governance of the capital market with co-construction, co-governance and sharing.
Q: the high-quality development of the capital market is inseparable from the joint efforts of all parties. What are the arrangements in this regard?
A: there are many participants in the capital market and the operation mechanism is complex. In a good market ecology, institutional investors and individual investors grow together, all kinds of long-term and short-term funds are in the right place, issuers and investors achieve each other, market participants return to their responsibilities, and supervision interacts with the market. This requires all relevant parties to work together to grasp all kinds of equilibrium relations such as investment and financing, primary and secondary market, import and export, on-site and off-site, so as to form an effective governance of capital market with co-construction, co-governance and sharing.
The new "National Nine articles" has made arrangements for many of the key contents. For example, to promote the entry of medium-and long-term funds into the market, we not only emphasize the development of the "basic market" of equity public offering funds, but also focus on creating a policy environment in which we can attract, retain, and develop well. we will promote long-term funds such as insurance funds, social security funds, and pensions to enter the market and make classified arrangements. For example, the opinion emphasizes strengthening the rule of law, and puts forward a lot of hard measures around greatly increasing the cost of violation of laws and regulations in the capital market and improving the administrative, criminal and civil three-dimensional liability system. We believe that as long as we persevere, the capital market will certainly become clearer. For example, the opinions put forward requirements for deepening the coordination and linkage between central and local governments and inter-ministries. We will continue to strengthen coordination with all parties to promote the formation of a strong joint force to promote the high-quality development of the capital market.
Build an iron army with excellent politics, ability and work style to supervise
Q: the opinions put forward requirements for strengthening the self-construction of the CSRC, and the CSRC has also issued relevant documents. Are there any specific measures in this respect?
A: iron must be hard on its own. The new "National Nine articles" has put forward clear requirements for strengthening the self-building of the supervision team, and we have also made arrangements. We will give more prominence to strengthening political construction, continue to consolidate, expand, study and implement Xi Jinping's ideological theme of socialism with Chinese characteristics in the new era, and further promote the comprehensive and strict administration of the party in an all-round way. we will comprehensively implement the requirements of strict supervision and management with the determination to the inside, and promote the supervision work in an all-round way with the comprehensive and strict self-construction. Strengthen coordination and linkage with the discipline inspection and supervision team stationed at the meeting, solidly promote the central inspection and rectification, focus on eradicating the soil conditions caused by corruption, and promote "do not dare to rot, do not want to rot." With regard to the outstanding issues of political and business "revolving door" and escape resignation, which are of great concern to all parties, we have introduced more than 20 measures to comprehensively implement policies from the business side and the management side. In this regard, we will deepen special governance and grasp it to the end without tolerating it. In short, we will strive to build an iron force of supervision with excellent politics, ability and work style, so as to provide a strong guarantee for strong supervision, risk prevention, and promoting the high-quality development of the capital market.