News background:
habitNearly flatOn the 2nd, the chairman announced in his speech at the 2021 China International Trade Fair Global Service Trade Summit that he will continue to support the innovative development of small and medium-sized enterprises, deepen the reform of the New Third Board, set up the Beijing Stock Exchange, and create a main position for service-innovative small and medium-sized enterprises.
The New Third Board Reform Stands on a New Starting Point
The establishment of the Beijing Stock Exchange means that the New Third Board, which is dedicated to serving small and medium enterprises, will stand at a new starting point for reforms, and that China’s capital market reform and development has taken another crucial step. Understanding the deployment of the Beijing Stock Exchange should be placed under the general logic of deepening the reform of the New Third Board. In recent years, the reform and development of the New Third Board have laid a solid foundation for further deepening reforms. According to the China Securities Regulatory Commission, the Beijing Stock Exchange will “build on the basis of the existing NEEQ selection layer”, shift the basic systems of the selection layer in general, and simultaneously pilot the securities issuance registration system. The Beijing Stock Exchange is still a part of the New Third Board, and it forms an “upgraded” New Third Board together with the innovation layer and the basic layer. From the perspective of system design, the future market operation, investor structure, and main basic institutional arrangements of the Beijing Stock Exchange have significant characteristics of small and medium-sized enterprises, which are obviously different from those of the Shanghai and Shenzhen Stock Exchanges. 【detailed】
Since 2013, the NEEQ has played an active role in financing, restructuring, and high-quality development of small and medium-sized enterprises, and has also laid a market foundation for the establishment of the Beijing Stock Exchange. In recent years, the establishment of a standardized stock exchange in Beijing has become the expectation of all parties. Of course, there is a big difference between the stock exchange and the over-the-counter market. Building a standardized, nationwide, and accurately positioned stock exchange on the basis of the NEEQ selection layer system requires a lot of research and preparation work. As a trading platform, the exchange undertakes the important mission of shaping market rules and ecology, and promoting the in-depth evolution of marketization. Therefore, the stock exchange must act as an important promoter of a high-quality market system with a competitive attitude and market-oriented concept. 【detailed】
Optimize the development layout of the multi-level capital market
Since the 18th National Congress of the Communist Party of China, the capital market has continued to consolidate the market foundation, improve the quality of market entities, strengthen the ability to govern according to law, and accurately eliminate risks in key areas. At the same time, it has promoted market-oriented reforms with a more proactive attitude, including the establishment of science and technology innovation boards and pilot projects. Reform of the registration system, the Growth Enterprise Market and the pilot registration system, deepen the reform of the new three-board, vigorously promote two-way opening, and implement the new “Securities Law.” The establishment of the Beijing Stock Exchange at an appropriate time to provide a more convenient and inclusive financing and service platform for innovative small and medium-sized enterprises has long been brewing and is also a necessary move. After the establishment of the Beijing Stock Exchange, a new pattern of securities markets will be formed in which the functions of the Beijing, Shanghai, and Shenzhen exchanges are complementary, each has its own characteristics, and each has its own advantages. The Beijing Stock Exchange is positioned as “the main position for serving innovative SMEs.” The main board of the Shanghai and Shenzhen markets will continue to serve mature large and medium-sized enterprises, the Science and Technology Innovation Board will serve enterprises in the hard technology industry sector, and the Growth Enterprise Market will serve high-tech enterprises, strategic emerging industry enterprises and growth-oriented innovative and entrepreneurial enterprises. Under the new pattern, it is necessary to further deepen the comprehensive market-oriented reform with the registration system reform as the core and lead, enhance the vitality, resilience, inclusiveness and adaptability of the market, and better serve the competitive development of various enterprises. 【detailed】
Deepening the reform of the New Third Board and the establishment of the Beijing Stock Exchange will more effectively optimize the development layout of the multi-level capital market and consolidate the joint efforts of serving small and medium-sized enterprises. The Beijing Stock Exchange will be established on the basis of the existing selected layers of the New Third Board, which will not have a major impact on the Shanghai and Shenzhen Stock Exchanges, and will further optimize the internal connections of the multi-level capital market. On the one hand, through the transfer mechanism, the relationship between the Beijing Stock Exchange and the Shanghai and Shenzhen Stock Exchanges and regional equity market dislocation development and interconnection will be strengthened, and its role as a link in the multi-level capital market will be smoothed. On the other hand, to match the growth law of small and medium-sized enterprises, strengthen the standardization and cultivation functions of the basic layer and the innovation layer within the NEEQ, and maintain the “progressive” market structure of the NEEQ basic layer, innovation layer and the Beijing Stock Exchange. Orderly connection to the Beijing Stock Exchange. 【detailed】
Create the main position of service-innovative small and medium-sized enterprises
In recent years, a strong consensus has been formed from top to bottom: stepping up support for the development of small and medium-sized enterprises is conducive to strengthening the endogenous driving force of my country’s economic development, and is conducive to promoting entrepreneurial innovation and employment expansion. At present, there are 140 million market players in my country, most of which are small and medium-sized enterprises. In reality, small and medium-sized enterprises still have shortcomings in terms of land, industry access, technology investment, and financial support, which need to be supplemented by institutional reforms. Since the 18th National Congress of the Communist Party of China, positive progress has been made in financial support for the development of small and medium-sized enterprises, including bank credit, bond financing, stock financing, credit support tools, etc., and some effective measures have been introduced to address the needs of small and medium-sized enterprises. Since the operation of the NEEQ in 2013, it has gradually become an important platform for market-oriented financing for SMEs. However, compared with large enterprises and mature enterprises, the realization of the financing needs of innovative SMEs is still a weak link. The establishment of a new stock exchange to serve a large number of innovative small and medium-sized enterprises can not only carry a larger financing scale and smooth the capital circulation mechanism, but also build a stronger credit growth channel for such small and medium-sized enterprises. 【detailed】
Energetic small and medium-sized enterprises, diverse and differentiated economic ecology are the most important guarantee for my country’s economic resilience. Deepening the reform of the New Third Board and establishing the Beijing Stock Exchange will more effectively smooth the high-level circulation of technology, capital and the real economy. Strengthen the investment and financing functions of the New Third Board market, and build a stock exchange tailored for innovative SMEs, which is conducive to perfecting the capital market system that supports the technological innovation of SMEs throughout the chain, and smoothing the use of venture capital to expand and strengthen the capital market growth. Way to improve the circular efficiency of technology, capital and the real economy. The soul of “specialization, special innovation” is innovation, and the core of deepening the reform of the capital market is also innovation. We are convinced that innovative capital market institutional arrangements will surely stimulate surging reform forces, construct a set of capital market institutional arrangements suitable for the development of innovative small and medium-sized enterprises, and complement the shortcomings of multi-level capital market development in inclusive finance. For the development of China’s innovative economy, it has cultivated a good market ecology featuring high entrepreneurial enthusiasm for innovation and entrepreneurship, active participation of investors and rational investment, and the responsibility of intermediary agencies. 【detailed】
Micro-speaking meaning:
＠Downstream 10JQKA: Every step taken in the past few years is of far-reaching significance. The establishment of the Beijing Stock Exchange is also an important measure for the supply-side structural reform of the financial industry.
＠Liu Baiheng-AGBA: The Beijing Stock Exchange will shoulder important tasks and missions in the future, and domestic small and medium-sized enterprises will also have more choices in the capital market.
＠Walker Liu Wanwan: The gospel of small and medium-sized enterprises!
After the compilation of China Economic Net:
Small and medium-sized enterprises are an important force in expanding employment, improving people’s livelihood, and promoting entrepreneurship and innovation. As an important measure to deepen the reform of the New Third Board, the Beijing Stock Exchange shoulders a major mission. From the blueprint on paper to the official opening of the market, it takes a certain amount of time to prepare, and there is still a lot of meticulous work to be done. The relevant departments and agencies must be down-to-earth and implement precise policies. We have reason to believe that the establishment of the Beijing Stock Exchange will comprehensively enhance the ability of the NEEQ to serve SMEs, further stimulate market vitality, and enable more and more innovative SMEs to receive support from the multi-level capital market to achieve higher quality The development of China’s economy has helped China’s economy to be stable and far-reaching.
Review: Hot comments on past “jing” points
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