Home » One line, two sessions, one game!Improving the regulatory system for overseas listing of enterprises and speeding up the shortcomings of financial technology supervision

One line, two sessions, one game!Improving the regulatory system for overseas listing of enterprises and speeding up the shortcomings of financial technology supervision

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On September 4, a number of regulators gathered at the 2021 China International Finance Annual Forum to release heavy signals on the opening of the financial industry, the supervision of overseas listing of enterprises, and the opening of capital projects.

  Fang Xinghai: Improving the regulatory system for overseas listing of enterprises

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that in recent years, the China Securities Regulatory Commission has steadily promoted the expansion of my country’s capital market and launched a series of opening-up measures, which have achieved remarkable results and formed a good pattern of opening up. With the continuous deepening of opening up, the quality of capital market operations and international influence have been significantly improved. The opening of the capital market will bring in more overseas medium and long-term funds for the country, which is conducive to improving the stable operation of the A-share market.

Fang Xinghai said that in the next step, the China Securities Regulatory Commission will coordinate development and security, launch more pragmatic opening measures, and serve the construction of a high-level and open economic system. The first is to further promote the institutional opening of the capital market, promote foreign institutional investors to participate in the implementation of the exchange bond market system, further facilitate the issuance of panda bonds by foreign institutions in China, expand the opening of the commodity and financial futures markets, introduce more international varieties, and expand The ways and means for foreign capital to participate in the capital market, introduce more international products, deepen the interconnection of domestic and foreign capital markets, improve and expand the Shanghai-London Stock Connect mechanism, and improve the regulatory system for overseas listing of enterprises.

The second is to further leverage Hong Kong’s opening role in the capital market.The SFC will resolutely safeguard the status of Hong Kong as an international financial center, support Hong Kong and the Mainland to carry out all-round pragmatic cooperation and enrichShanghai-Shenzhen-Hong Kong Stock ConnectFor the target, we must do a good job of launching A-share index futures in Hong Kong. Support domestic and foreign companies to go public in Hong Kong and support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

The third is to further strengthen the supervision and risk prevention capacity building in an open environment, adhere to the requirements of liberalization, see clearly, and manageability, strengthen the monitoring, analysis, and judgment of cross-border investment behavior, maintain the stable operation of the capital market, and prevent Risks of large capital inflows and large outflows.

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  Chen Yulu: Speed ​​up to fill up the shortcomings of financial technology supervision

Chinese peopleBankVice President Chen Yulu stated that since 2018, my country has approved a total of more than 100BankinsuranceIndustry institutions, 10 foreign-owned securitiesfundManage futures companies, 6 foreign-funded enterprises credit rating payment clearing institutions. In the first half of this year, foreign investors increased their holdings of domestic RMB assets including stocks, bonds, deposits and loans totaling 1.27 trillion yuan, demonstrating the huge appeal of China’s financial market.

Chen Yulu said that the negative list is a model that is not only conducive to high-level openness, but also conducive to risk prevention and control. In the next step, we will continue to improve the pre-access national treatment plus the negative list management system, and give full play to the positive effect of the negative list model on high-level opening up.

“At present, the opening up of my country’s financial institutions and market access is almost complete, but we must also realize that there is still room for optimization of some regulatory policies.” Chen Yulu said that improving relevant policies and arrangements can create a better environment for foreign investment.

In terms of risk prevention and control, Chen Yulu said that the continuous improvement of economic and financial management capabilities and risk prevention and control levels under open conditions are in line with the requirements of high-level openness in the financial industry. “We will continue to improvecurrencyPolicy control and macro-prudential policy framework, enrich the policy toolbox, build a systematic financial risk monitoring, evaluation and early warning system, optimize the two-in-one framework of macro-prudential and micro-supervision in the foreign exchange market, and accelerate the complement of the shortcomings of financial technology supervision, Bring all financial institutions, financial businesses and financial products into the prudential regulatory framework. Improve the professionalism and effectiveness of financial supervision, build various firewalls, and resolutely maintain the bottom line of avoiding systemic risks. “

  Zhou Liang: Introducing international high-quality financial resources

Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission, said that the economy will continue to recover steadily in 2021, and the financial system will play an important supporting role. The Banking and Insurance Regulatory Commission has introduced dozens of measures including deferred debt repayment to promote innovation.CreditwithinsuranceProducts ensure accurate and direct delivery, and focus on supporting key areas and weak links, advanced manufacturing, technological innovation, small and micro private operations, and green ecology.New creditMaintain high growth,insuranceThe guarantee function is effective.

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Zhou Liang said that the China Banking and Insurance Regulatory Commission will accurately grasp the new development stage, fully implement the new development concept, accelerate the construction of a new development pattern, and steadily promote a higher level of opening up. One is to create a fair business environment. Promote the implementation of openness measures, revise relevant laws and regulations, expand from element opening to system opening, further optimize the administrative approval process, accelerate the establishment of an open, transparent and stable environment that can be expected to be consistent with internal and external, and encourage domestic and foreign financial institutions to cooperate and achieve win-win results.

The second is to introduce international high-quality financial resources. Based on the advantages of my country’s market, we will promote international and domestic dual cycles, and introduce foreign financial institutions with professional characteristics, stable operations and excellent qualifications in the fields of wealth management, consumer finance, green finance, health care, and risk management, enrich and innovate product systems, and improve The quality of financial services.

The third is to steadily implement the “Go Global” of the financial industry, encourage Chinese financial institutions to optimize their layout in countries along the “Belt and Road”, strengthen services, and advocate joint credit, syndicated financing, risk-sharing, and benefit-sharing.

The fourth is to deepen international financial cooperation.Actively participate in the formulation of international financial rules, promote mutual recognition of domestic and foreign regulatory rules and standards, and strengthen cross-borderCash flowWe will strengthen financial technology cooperation and data security governance, and strengthen financial security barriers.

  Zheng Wei: Continue to improve the level of trade and investment liberalization and facilitation

Zheng Wei, deputy director of the State Administration of Foreign Exchange, said that in the first half of 2021, my country’s foreign exchange market will generally operate steadily, the exchange rate is expected to be stable and orderly, foreign exchange transactions will be more rational and active, and the foreign exchange market will remain in good order.The RMB exchange rate remained stable within a reasonable range, the current account balance was within a reasonable range, and direct investment continued to be relatively high.Net inflowforeign exchange reservesThe scale is basically stable.

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“Under the background of the current complex and volatile international situation and the rapid changes in the domestic economy, the foreign exchange bureaus coordinate development and security, continue to promote the reform and opening up of the foreign exchange field, effectively prevent the impact of cross-border capital flows, and fully support the prevention and control of the epidemic and the development of the real economy. Maintain the national economic and financial security.” Zheng Wei introduced that in terms of foreign exchange management, the foreign exchange bureau has continuously improved the facilitation level of foreign exchange receipts and payments for service trade, and provided strong support for improving China’s service industry exports and international competitiveness of service trade. During the Beijing Winter Olympics, the State Administration of Foreign Exchange will facilitate the opening of relevant foreign exchange accounts, fund exchange, institutional deposit and withdrawal services, and overseas personal mobile consumption.

Zheng Wei emphasized that in the next stage, the SAFE will improve the overall effectiveness of reforms in three areas: First, continue to improve the level of trade and investment liberalization and facilitation, support the orderly and free flow of domestic and overseas factors, continue to optimize the financial environment, and promote the development of the digital economy. Give play to the leading role of innovation to drive industrial transformation and upgrading, integrated development, and quality and efficiency improvement.

The second is to steadily and orderly promote the opening of capital projects, promote the pilot projects of cross-border investment by equity investment funds, and improveForeign direct investmentManage and do a good job in the pilot work of multinational companies’ integrated domestic and foreign currency fund pools.

The third is to build an open, diversified and well-functioning foreign exchange market, further enrich foreign exchange market products and domestic and overseas participants, and continuously improve the foreign exchange market infrastructure system.

(Source: China Securities Journal)

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