Home » Big voice!Wang Jianjun, Vice Chairman of the China Securities Regulatory Commission, talks about the stable operation of A-shares in the capital market, overseas listing of companies, and the Beijing Stock Exchange Index…_ Vice Chairman of the China Securities Regulatory Commission Talks about A-share Market Fluctuations_Foreign Investment_Market Maker System

Big voice!Wang Jianjun, Vice Chairman of the China Securities Regulatory Commission, talks about the stable operation of A-shares in the capital market, overseas listing of companies, and the Beijing Stock Exchange Index…_ Vice Chairman of the China Securities Regulatory Commission Talks about A-share Market Fluctuations_Foreign Investment_Market Maker System

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Big voice!Wang Jianjun, Vice Chairman of the China Securities Regulatory Commission, talks about the stable operation of A-shares in the capital market, overseas listing of companies, and the Beijing Stock Exchange Index…_ Vice Chairman of the China Securities Regulatory Commission Talks about A-share Market Fluctuations_Foreign Investment_Market Maker System

Original title: Heavy voice! Wang Jianjun, vice chairman of the China Securities Regulatory Commission, talked about the stable operation of the capital market involving A-shares, overseas listing of companies, and the Beijing Stock Exchange Index…

Since the beginning of this year, under the influence of multiple internal and external factors, the volatility of my country’s capital market has increased. Focusing on the recent hot spots in the capital market, Wang Jianjun, vice chairman of the China Securities Regulatory Commission, accepted an interview with Xinhua News Agency on May 10. Wang Jianjun answered many questions such as maintaining the stable operation of the capital market, the inflow and outflow of foreign capital in the capital market, and further measures to introduce long-term investors. Among them, Wang Jianjun said that the impact of various risk factors in the market on the A-share market is objective, but the impact is controllable. On May 10, A shares were not afraid of the overnight plunge in U.S. stocks, and all three major stock indexes collectively closed sharply higher. In addition, Wang Jianjun also talked about promoting the implementation of new regulations for the overseas listing of enterprises, accelerating the launch of the market maker system on the Science and Technology Innovation Board, and researching the launch of the Beijing Stock Exchange index and hybrid trading system.

Regarding the question of “Since the beginning of this year, the volatility of the A-share market has increased, what considerations does the CSRC have in maintaining the stable operation of the capital market?”, Wang Jianjun said that since the beginning of this year, the A-share market has experienced relatively large fluctuations, and market confidence has been frustrated, mainly due to the The Russian-Ukrainian conflict, the Fed’s interest rate hike, the recent repeated epidemics and the increasing downward pressure on the economy have intertwined internal and external factors, and it is also noted that there is still a certain overreaction in the market. In general, the impact of various risk factors on the A-share market is objective, but the impact is controllable, and the stable operation of the market has a solid foundation.

On May 10, A-shares stood up, not afraid of the overnight plunge in US stocks, and the three major stock indexes collectively closed up sharply that day. As of the close on May 10, the Shanghai Composite Index, the Shenzhen Component Index, and the ChiNext Index closed up 1.06%, 1.37%, and 2.17%, respectively. Over 3,700 shares were in the red on that day, and over 100 shares rose by the daily limit.

Yang Delong, chief economist of Qianhai Open Source Fund, told a reporter from Beijing Business Daily that A-shares are currently in the stage of bottom-building. Although the bottom-building process has been twists and turns, there is not much room for the market to fall sharply, and the confidence in the market to do more is gradually accumulating. . Regarding the market outlook, Yang Delong said that investors should maintain confidence and patience, hold high-quality assets to cope with short-term market fluctuations, and actively deploy high-quality leading stocks that were killed by mistake, and insist on value investment.

Wang Jianjun further pointed out that from a fundamental point of view, my country’s economy continues to recover this year, logistics and industrial chain supply chains are recovering in an orderly and forceful manner recently, and the fundamentals of China’s long-term economic growth have not changed.

From a policy perspective, the effect of “steady growth” is accelerating, and positive signals in real estate, platform economy, regulation and guiding the healthy development of capital are conducive to stabilizing expectations in all aspects.

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From the perspective of the capital market itself, the progress of resumption of work and production of listed companies has accelerated, and their performance has grown steadily. The valuation of the A-share market is generally lower than that of the overseas market, and the dividend yield of the CSI 300 is 2.8%, which is comparable to the yield of the 10-year Treasury bond. At present, the scale of leveraged funds in the market is limited and the risks are controllable. Public funds are generally subscribed on a net basis, and there is no centralized redemption. Short-term market fluctuations will not change the long-term positive trend of my country’s capital market.

Continue to consolidate the foundation for the stable operation of the market in six aspects

Wang Jianjun also mentioned that the China Securities Regulatory Commission will focus on stabilizing expectations, market players, capital, and market behavior, continue to consolidate the foundation for the smooth operation of the market, speed up the introduction of the market maker system on the Science and Technology Innovation Board, and study the launch of the Beijing Stock Exchange index and hybrid market. trading system.

Wang Jianjun further stated that the first is to steadily promote the reform of the registration system for stock issuance, strictly control market access, support eligible platform companies to list domestically or overseas, accelerate the launch of the market maker system on the Science and Technology Innovation Board, and expand the pilot of infrastructure public offering REITs. Scope, study the launch of North Exchange index and hybrid trading system.

The second is to give full play to the role of the internal stability mechanism of the market. Together with the State-owned Assets Supervision and Administration Commission, the All-China Federation of Industry and Commerce and other departments, we will encourage listed companies to repurchase, increase their holdings by major shareholders, increase dividend distribution, and support listed companies in resuming work and production. Promote the exchange bond market to support the reasonable financing needs of enterprises. Encourage public funds and securities companies to subscribe for their asset management products with their own funds.

The third is to actively introduce medium and long-term funds. Promote social security, insurance, bank wealth management and other institutions to increase the proportion of equity investment, and accelerate the implementation of the relevant system for personal pension investment in public funds.

The fourth is to maintain the stable operation of the futures market. Work closely with relevant ministries and commissions to strengthen the joint supervision of futures and spot goods, enrich and improve futures varieties, give full play to the role of price discovery and risk management in the futures market, and serve the work of ensuring supply and stabilizing prices.

Fifth, strengthen communication and collaboration across ministries and commissions. Regarding policies that may have a significant impact on the capital market, strengthen communication and coordination across ministries and commissions, cooperate in a good demonstration and evaluation, and strive for policy coordination.

The sixth is to improve the bottom line plan. Formulate work plans to prevent and resolve risks in key areas of the capital market, and maintain the bottom line of no systemic risks.

No fundamental changes have taken place in the flow of foreign capital

Regarding the question of “What is the situation of foreign investment in and out of the capital market recently? How to further promote the high-level opening of the capital market?”, Wang Jianjun said that from historical experience, it is normal for foreign capital to enter and exit. sexual changes.

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Wang Jianjun pointed out that since the beginning of this year, due to the unexpected factors such as geopolitical conflicts, the new crown pneumonia epidemic and changes in the monetary policies of major economies, the volatility of global cross-border capital flows has increased. Judging from the trading situation of Shanghai and Shenzhen Stock Connect this year, there was a net inflow of foreign capital in January and February, a net outflow in March, and a net inflow in April.

Judging from historical experience, it is normal for foreign capital to flow in and out, and there has been no fundamental change in foreign capital flows and transactions recently. Structurally, allocation-type and long-term funds have maintained a net inflow this year. This shows that foreign investors are optimistic about the long-term investment value of A-shares, and it also reflects foreign investors’ confidence in the long-term improvement of China’s economy.

Launched four pragmatic measures to expand opening up

Wang Jianjun also said that the China Securities Regulatory Commission will launch more pragmatic measures to expand opening up to support all kinds of eligible companies to list overseas.

First, optimize and expand the interconnection of domestic and overseas capital markets, expand the scope of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, promptly include ETFs as the target, expand and optimize the Shanghai-London Stock Connect mechanism, and promote the issuance and listing of interconnected depositary receipts by listed companies.

The second is to promote the implementation of new regulations on the supervision of overseas listing of enterprises, support all kinds of qualified enterprises to list overseas in Hong Kong, the United States, Europe and other places, and also welcome qualified overseas enterprises to list on A-shares.

The third is to enrich the product supply of cross-border investment and risk management, promote the implementation of the system for foreign institutional investors to participate in the exchange bond market, and steadily expand the international varieties of commodities and financial futures.

The fourth is to strengthen the building of regulatory capacity under the conditions of opening up, deepen cooperation with overseas regulatory authorities, strengthen communication with international investors, and build a good and predictable international environment for the high-level opening of my country’s capital market.

Five measures to help listed companies tide over difficulties

In response to the question of “What is the current production and operation status of listed companies, and what measures does the China Securities Regulatory Commission take to support the development of listed companies?”, Wang Jianjun mainly introduced five measures to help listed companies tide over the difficulties.

Wang Jianjun said that since the beginning of this year, under the complex and changeable internal and external environment, listed companies, as the “basic plate” of the real economy, have generally maintained a momentum of stable development. Judging from the first quarterly report of this year, the listed company achieved an operating income of 16.6 trillion yuan, an increase of 11.2% year-on-year, and a net profit of 1.4 trillion yuan, a year-on-year increase of 5.1%.

In the next step, the China Securities Regulatory Commission will resolutely implement the decisions and arrangements of the Party Central Committee and the State Council to help market entities such as listed companies tide over the difficulties.

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The first is to thoroughly implement the 18 measures taken by the capital market to support and invigorate the operation of the industrial economy, help stabilize the industrial chain and supply chain, and reduce costs and increase efficiency for listed companies.

The second is to implement the 15 measures of the capital market to support the healthy development of small, medium and micro enterprises, enhance the sense of policy acquisition of small, medium and micro enterprises, and support the rescue of small, medium and micro enterprises.

The third is to focus on improving the financing environment of private enterprises. Equitable treatment of private enterprises’ issuance, listing and refinancing, improve the private enterprise bond financing mechanism, launch technologically innovative corporate bonds, give play to the role of market-oriented credit enhancement, facilitate private enterprise bond repurchase financing, and encourage industry institutions to increase private enterprise business investment.

The fourth is to optimize regulatory services, support the Shanghai and Shenzhen Stock Exchanges and the Beijing Stock Exchange to reduce or exempt listed companies’ annual fees and other related fees, so as to reduce the burden on listed companies.

Fifth, research and introduce new policy measures to support the accelerated recovery and development of regions and industries severely affected by the epidemic. Support listed companies to overcome the impact of the epidemic through refinancing, mergers and acquisitions, etc., and quickly get out of the predicament.

Support medium and long-term funds to increase the proportion of equity allocation

The introduction of long-term investors has become the focus of recent CSRC mentions.

In response to the question of “What further measures does the China Securities Regulatory Commission take to introduce long-term investors?”, Wang Jianjun mainly mentioned four aspects.

The first is to promptly sort out the policy demands of social security, banks, and insurance institutions, coordinate relevant parties to get through the pain points, and support medium- and long-term funds to increase the proportion of equity allocation.

The second is to accelerate the high-quality development of the public fund industry, vigorously develop equity funds, strengthen investment research and risk control capacity building, improve the classification and supervision of fund managers, enrich product types, improve the long-term assessment mechanism, and promote institutional investors to give full play to the capital market. The role of the professional buyer.

The third is to conscientiously implement the “Opinions on Promoting the Development of Individual Pensions”, and promptly introduce supporting regulatory rules for individual pension investment in public funds to better serve the needs of pension investment.

The fourth is to consolidate the investor protection system and mechanism, strengthen communication with various investors, and crack down on various market violations with “zero tolerance”.

Wang Jianjun also said that after hard work, domestic professional institutional investors such as public funds, social security funds, insurance funds, and corporate annuities accounted for nearly 20% of the stock market value, but it was still significantly lower than that in mature overseas markets. Recently, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission convened a forum for institutional investors to solicit opinions and suggestions from social security, banking, insurance and other institutions, and will work with relevant ministries to actively create conditions and strive to create medium and long-term funds that are “willing to come and retain”. market environment.

Beijing Business Daily reporter Ma HuanhuanReturn to Sohu, see more

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