On January 17, the China Securities Regulatory Commission held the 2022 System Work Conference. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the meeting will thoroughly study and implement the spirit of the Sixth Plenary Session of the 19th CPC Central Committee and the Central Economic Work Conference, summarize the work in 2021, analyze the current situation, and study and deploy key tasks for 2022.
The meeting held that, in the face of a century of changes and the epidemic of the century, the CSRC will systematically implement the decisions and deployments of the CPC Central Committee and the State Council, adhere to the general principle of seeking progress while maintaining stability, thoroughly implement new development concepts, adhere to marketization and rule of law, and focus on reform, risk prevention, and Strengthen supervision, promote stability, comprehensively improve the quality of party building in the system, the capital market has achieved a good start in the “14th Five-Year Plan”, and achieved new results in serving the construction of a new development pattern and high-quality development. The multi-level equity and bond and futures markets have been strengthened, and the scale of equity and debt financing has reached a record high. Comprehensively deepen the reform of the capital market and advance in depth, and gradually complete the conditions for the full implementation of the registration system for stock issuance. The establishment of the Beijing Stock Exchange has taken important steps to build a main position for serving innovative small and medium-sized enterprises. Positive results were achieved in improving the quality of listed companies, high-risk companies continued to drop, and the normalized delisting mechanism was accelerated. The investment force of professional institutions continued to grow, and the market capital structure and investor structure were significantly improved. Risks in key areas such as bond defaults and private equity funds continued to converge, and market resilience and anti-risk capabilities continued to increase. New progress was made in the two-way opening of the capital market and international regulatory cooperation. The judicial system and mechanism of securities law enforcement have been further improved, and a number of major cases with bad market impact have been resolutely investigated and dealt with. The first special representative lawsuit for securities disputes, the “Kangmei Case”, has landed.
The meeting pointed out that in the past year, the meeting system has put more emphasis on strengthening political construction, carried out in-depth study and education of party history, fully cooperated with the central inspection, promoted the deep integration of party building and business, and supported the “two establishments” and practiced “two maintenances” with practical actions. “. Adhere to the linkage between the “two responsibilities”, tighten and consolidate the main responsibilities of party committees at all levels to manage the party and the party, continue to consolidate the effectiveness of work style construction, comprehensively promote the punishment of financial corruption and the prevention and control of financial risks, and promote the comprehensive and strict governance of the party. Be realistic and continue to create a clean and upright political ecology.
The meeting pointed out that in the practice of reform and development supervision, the meeting will further deepen the understanding of the regularity of doing a good job in the capital market. We must adhere to political leadership, further strengthen the Party’s overall leadership over the capital market, and ensure that the reform and development of the capital market is in the right direction and that it is stable and far-reaching. We must adhere to the system concept, actively strengthen overall planning and coordination, strengthen policy coordination and information sharing, and give full play to the joint efforts of all parties. We must persist in deepening reform and opening up, and adhere to the idea of reform to solve development problems, stabilize market expectations, and activate market development momentum and endogenous stability mechanisms. We must adhere to seeking truth from facts, which not only reflects the general development law of mature markets, but also conforms to the characteristics of China’s national conditions and development stages, and unswervingly follows the path of capital market development with Chinese characteristics.
The meeting held that the current internal and external environment has become more complex and severe, but my country’s economy has remained stable and sound in the long run. The capital market is undergoing more positive structural changes, and the stable and healthy development of the market has a solid foundation. The whole system must conscientiously unify thoughts and actions into the central government’s scientific judgment on the situation and decision-making and deployment, firmly develop self-confidence, and firmly grasp the initiative of work. We must coordinate “stability” and “progress”, highlight market stability, policy stability, and stable expectations, and strive to reflect “progress” in reform, opening up, and serving the high-quality development of the real economy. It is necessary to coordinate development and safety, enhance the awareness of urgency, establish a bottom-line thinking, continue to consolidate the effectiveness of the battle against major financial risks, and build a solid foundation for high-quality development. It is necessary to coordinate the current and long-term, maintain strategic determination and patience, and strive to do what is currently being done. It is necessary to coordinate the overall situation and details, consciously study problems and plan work from the overall economic and social situation, and attach great importance to the details of the implementation of policies and measures.
The meeting emphasized that the 20th National Congress of the Communist Party of China will be held this year, and it is very important to do a good job in the capital market. The CSRC system must adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 19th National Congress of the Communist Party of China and all previous plenary sessions of the 19th CPC National Congress, implement the deployment of the Central Economic Work Conference, effectively improve the political position, strengthen the party’s leadership, and adhere to “Stability at the head, seeking progress while maintaining stability”, fully, accurately and comprehensively implement the new development concept, serve the construction of a new development pattern and high-quality development, adhere to “system building, non-intervention, zero tolerance”, and adhere to “four respects, one joint force” , put stable growth and risk prevention in a prominent position, continue to comprehensively deepen reform and opening up, continue to improve the quality of party building in the system, and welcome the victory of the 20th National Congress of the Communist Party with the new achievements of high-quality development of the capital market.
The first is to maintain the stable and healthy development of the capital market.Strengthen macro research and judgment and policy coordination, and improve the accountability system for risk prevention, early warning, and disposal. Steadily promote the entry of medium and long-term funds into the market, and promote the overall balance and coordinated development of investment and financing. Improve the capital market expectation guidance mechanism to create a favorable environment for the smooth operation of the market.
The second is to fully implement the stock issuance registration system as the main line, and deepen the reform of the capital market.Adhere to the “three principles” of the registration system reform, and make full efforts in “embroidery” to make preparations for careful thinking, business, and clean government. Further improve the registration-based arrangement with information disclosure as the core, highlight the top priority of the main board reform, accelerate the transformation of issuance supervision, further consolidate the “gatekeeper” responsibilities of intermediaries, strengthen the joint efforts of all parties, and promote a formation that is conducive to the full implementation of registration. To ensure a stable implementation of reforms. At the same time, it will coordinate and improve the multi-level market system, simultaneously promote the reform of the basic system and the construction of the CSRC system itself, and continue to deepen the reform of the capital market.
The third is to highlight “steady growth” and continuously improve the ability to serve the high-quality development of the economy.Actively integrate into the country’s major development strategies, identify the positioning and strength of the capital market, and study and introduce more policies and measures that are conducive to stabilizing growth and stabilizing expectations. Continue to maintain the normalization of IPO and refinancing, stick to the “hard technology” positioning of the Science and Technology Innovation Board, build the ChiNext Board, run the Beijing Stock Exchange, regulate the development of private equity and venture capital funds, and promote the expansion of the pilot scope of infrastructure public offering REITs. Listed companies will be guided to focus on their main business to become better and stronger, continue to steadily promote the clearing of risky companies, and give better play to the “barometer” function of the capital market.
The fourth is to coordinate opening and security, and unswervingly promote institutional opening.Steadily expand the high-level two-way opening of markets, institutions and products, and deepen the interconnection of domestic and foreign markets. Create conditions to promote greater progress in China-US audit and supervision cooperation, accelerate the implementation of the regulatory system and policies for companies’ overseas listing, and continue to firmly and orderly support eligible companies to list overseas in accordance with laws and regulations. Continue to strengthen supervision capacity building under the conditions of opening up.
Fifth, promote the healthy development of capital norms, and steadily promote risk resolution and disposal in key areas.Adhere to the rule of law thinking, push the regulatory threshold forward, and jointly establish and improve the institutional mechanism to strengthen the guidance of capital norms, adhere to the strict supervision of financing and M&A activities in specific sensitive areas, and set up “traffic lights” for capital. Adhere to treating both the symptoms and root causes, steadily resolve the risk of bond default, and improve the market-based and legal-based bond default disposal mechanism. Steadily promote the classification and rectification of private equity fund risks. Carry out in-depth rectification of “pseudo private equity” and “pseudo gold exchanges”, strengthen the division of labor and cooperation, and eliminate the supervision vacuum.
The sixth is to deepen the combination of delegating and regulating, and accelerate the transformation of supervision.Adapt to the profound changes brought about by major reforms such as the registration system, adhere to the problem orientation, accelerate the transformation of all-round functions of company supervision, institutional supervision, inspection and punishment, scientifically grasp the balance between “release” and “management”, strengthen interim and ex post supervision, and highlight support With a clear orientation on the advantages and disadvantages, we will vigorously improve the level of digital and intelligent supervision, continuously improve regulatory services, and improve the efficiency of capital market governance.
Seventh, continue to strengthen the supply of the rule of law in the capital market and protect the legitimate rights and interests of investors.Promote legislation such as futures and derivatives laws and regulations on the supervision of listed companies. Systematically sort out regulatory regulations, simplify complexity, and improve systemicity and transparency. Give full play to the role of mechanisms such as the Coordination Working Group for Combating Illegal Activities in the Capital Market, strengthen the connection between executions, and further enhance the deterrence of law enforcement. We will steadily promote the normalization of representative litigation, and continue to improve the insurance policy system.
The meeting emphasized that it is necessary to further strengthen the overall leadership of the party and give better play to the leading and guaranteeing role of party building. Highlight political construction, promote the normalization and long-term effect of party history learning and education, educate and guide party members and cadres in the system to more deeply understand the decisive significance of the “two establishments”, strengthen the “four consciousnesses”, strengthen the “four self-confidences”, and resolutely do to “Two Maintenance”. Uncompromisingly grasp the feedback from the central inspection and rectification, promote reform through inspection, promote construction through inspection, and promote governance through inspection. Strengthen leadership and cadre team building, deepen cadre exchange and rotation, and boldly select and use young cadres with both political integrity and ability. Adhere to the integration of the “Three Nos”, continue to improve the public power supervision mechanism in key areas, strengthen the accountability for discipline enforcement, resolutely investigate and deal with the corruption behind various financial chaos, and promote the comprehensive and strict governance of the party to continue to develop in depth.
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