Home Business Improve the endogenous stabilization mechanism of the capital market and expand high-level two-way opening_Development_Reform_Policy Transmission

Improve the endogenous stabilization mechanism of the capital market and expand high-level two-way opening_Development_Reform_Policy Transmission

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Original title: Improve the endogenous stability mechanism of the capital market and expand high-level two-way opening

Securities Times reporter Cheng Dan

Yi Huiman, chairman of the China Securities Regulatory Commission, recently published an article on “Seeking Truth”, saying that it is a rule for the stock market to go up and down, and the government should not interfere with normal fluctuations. It is not allowed to spend money to buy indexes, but non-intervention is not laissez-faire and must always be Adhere to bottom-line thinking and resolutely prevent “market failure” from causing abnormal fluctuations. The CSRC will continue to make maintaining the stable operation of the market a top priority, strengthen the monitoring and analysis of marginal changes in market capital flows, investor behavior and listed company performance, improve the endogenous stability mechanism of the capital market, and improve the risks in extreme situations. coping plan.

Yi Huiman pointed out that since the National Financial Work Conference in 2017, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, my country has insisted on using reform ideas and methods to crack the institutional obstacles of the capital market, and firmly promote the comprehensive deepening of capital market reform. , to promote profound structural changes in the capital market, and serve the economic development to achieve both quality and quality. Equity and debt financing has grown steadily, the market structure has been significantly optimized, the multi-level market system has been continuously improved, the function of optimizing resource allocation has been further exerted, and high-level institutional opening has been steadily advanced. The investor structure has been gradually improved, and the proportion of domestic professional institutional investors and foreign positions in the circulating market value has increased from 15.8% in early 2017 to 23.5%.

Yi Huiman said that the capital market has unique and important functions in resource allocation, risk mitigation, policy transmission, and expectation management. It is the key to deepening the structural reform of the financial supply side and can play a greater role in high-quality development. effect. At present, my country’s macro leverage ratio is relatively high. By expanding the scale of equity financing and enriching risk management tools, the capital market can alleviate the risk of high leverage and smooth the transmission of monetary policy, which has important practical significance for improving the stability of economic operation. From 2017 to 2021, the cash dividends of my country’s listed companies exceeded 6 trillion yuan; the annualized rate of return of partial equity funds was 11.7%, and the public funds were entrusted to manage various types of pensions exceeding 4 trillion yuan, creating good returns. In the next step to deepen the reform of the capital market, it is still necessary to further enhance the value creation capability of listed companies, enhance the professional capabilities of industry institutions, and realize the benign mutual promotion of the development of the real economy, the improvement of the quality of listed companies and the growth of investor returns.

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Yi Huiman pointed out that it is necessary to adhere to the party’s overall leadership over the capital market work to ensure that the development direction is always correct. Adhere to seeking truth from facts, and firmly follow the path of capital market development with Chinese characteristics. Adhere to marketization and rule of law, and create a stable, transparent and predictable development environment. Adhere to the concept of system, and strive to build a new governance pattern of joint construction, joint governance and sharing by all parties. Adhere to the overall planning of reform, development and stability, and promote the stability and long-term development of the capital market. The stock market rises and falls as a rule, and the government should not intervene in normal fluctuations, nor should you spend money to buy indices; however, non-intervention is not laissez-faire. We must always adhere to the bottom-line thinking and resolutely prevent “market failures” from causing abnormal fluctuations. This requires sticking to the bottom line of risk and grasping the degree of risk. At the same time, it is also necessary to realize that the stability of the capital market is not maintained, but improved. We must maintain our determination and insist on stimulating market vitality through reforms and enhancing market resilience and the endogenous driving force for high-quality development.

Yi Huiman said that it is necessary to adhere to the general principle of seeking progress while maintaining stability, resolutely implement the requirements of “preventing the epidemic, stabilizing the economy, and developing security”, and put risk prevention, stabilizing growth, and promoting reform in a more prominent position. , actively strengthen policy coordination with relevant departments, increase financial support for epidemic prevention and control and economic recovery and development, and strive to achieve market stability, policy stability, and expectation stability, and better promote the economy through reform and opening up. High-quality development “progress”.

The first is to maintain the stable operation of the market and strengthen the functioning of the market. The capital market is the “barometer” of the national economy, reflecting expectations and confidence. Under the complex and severe situation, it is of special significance to maintain the stable and healthy development of the capital market. The CSRC will continue to take maintaining the stable operation of the market as the top priority of its work, strengthen macro research and judgment, continue to make efforts to stabilize expectations, stabilize listed companies, stabilize capital, and stabilize market behavior, and strengthen the market capital flow, investor behavior and listing. Monitoring and analysis of marginal changes such as company performance, improving the endogenous stability mechanism of the capital market, and improving risk response plans in extreme situations. At the same time, actively strengthen communication and coordination with macroeconomic management departments, industry competent departments, etc., maintain the stability and consistency of policy expectations, help effectively resolve real estate enterprise risks, promote the standardized and healthy development of the platform economy, and strive to stabilize the market with expectations. The economy is stable.

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The second is to fully implement the stock issuance registration system to promote the optimal allocation of resources. In the next step, the China Securities Regulatory Commission will firmly grasp the correct direction of reform, scientifically grasp the review and registration mechanism, the positioning of various sectors, and guide the healthy development of capital regulations, and make preparations for rules, business and technology with “embroidery” efforts to ensure this. Major reforms were implemented smoothly. At the same time, speed up the reform of intermediaries and investment, improve the securities law enforcement judicial system and investor protection system, promote key institutional innovation, and create a good institutional and ecological environment for the healthy development of the capital market.

The third is to improve the multi-level capital market system to help stabilize the macroeconomic market. Further improve the coverage and inclusiveness of capital market services, better meet the differentiated development needs of enterprises of different types and stages, and improve the market interconnection mechanism at all levels. Further improve the bond financing support mechanism for private enterprises, and focus on improving the availability and convenience of debt financing for private economy and small and medium-sized enterprises; further promote the expansion of real estate investment trust funds in the infrastructure sector and the expansion of the scope of pilot projects, and accelerate the promotion of affordable rental housing, The implementation of pilot projects for private enterprises will help accelerate the formation of a virtuous cycle of existing assets and new investment; together with relevant parties, deepen the interconnection of bond market infrastructure, improve the market-based legal bond default disposal mechanism, and accelerate the establishment of a sound system and orderly competition. , A transparent and open bond market system. At the same time, further improve the futures market variety system, promote more real enterprises to participate in the futures market, strengthen the joint supervision of futures and cash, and better help ensure the overall situation of supply and price stability.

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The fourth is to improve the quality of listed companies and give better play to the “barometer” function of the capital market. The CSRC will continue to regard improving the quality of listed companies as an important part of comprehensively deepening the reform of the capital market, insist on paying equal attention to good entry gates and smooth multiple exit channels, insist on focusing on the dual-wheel drive of information disclosure and corporate governance, and further resolve false and large-scale information disclosure. Shareholders illegally occupying guarantees and other outstanding problems, guide listed companies to standardize governance, focus on their main business, and become better and stronger. At the same time, give full play to the role of the capital market as the main channel for mergers and acquisitions, support industry-leading listed companies to drive the coordinated development of small and medium-sized enterprises, and promote the integration of industrial and supply chains as well as economic transformation and upgrading.

The fifth is to coordinate opening and security, and expand high-level two-way opening. The China Securities Regulatory Commission will accelerate the implementation of the filing system for companies’ overseas listing, maintain smooth overseas listing channels, support various companies in listing overseas in accordance with laws and regulations, and make good use of two markets and two resources. Continue to strengthen the supervision capacity building under the conditions of opening up, and further improve the cross-border capital monitoring and supervision mechanism and risk response plan. At the same time, strengthen pragmatic cooperation with the Hong Kong market, deepen the Shanghai-Shenzhen-Hong Kong Stock Connect mechanism, further promote the enhancement of the Hong Kong market’s ability to undertake the listing of domestic enterprises, support Hong Kong in consolidating its status as an international financial center, and promote the coordinated development of the two markets.Return to Sohu, see more


Disclaimer: The opinions of this article only represent the author himself, Sohu is an information publishing platform, and Sohu only provides information storage space services.

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