Original title: Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission: The reform of the main board registration system must adhere to “steady words”
Three aspects to promote the high-quality development of the multi-level capital market
The key and difficulty in implementing the comprehensive registration system lies in the reform of the main board registration system. To implement the registration system on the main board, it is necessary to adhere to the principle of “steady words in the first place and seeking progress while maintaining stability”.
——Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission
◎The Shanghai Securities News and the Two Sessions Report Team
The registration-based reform is a “bull-nosed” project for the capital market to promote comprehensive and in-depth reforms. Following the 2021 Central Economic Work Conference, this year’s government work report once again proposed “to fully implement the stock issuance registration system to promote the stable and healthy development of the capital market.” Xiao Gang, member of the National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, said in an exclusive interview with a reporter from the Shanghai Securities News that the key and difficulty of implementing a comprehensive registration system lies in the reform of the main board registration system. To implement the registration system on the main board, it is necessary to adhere to the principle of “steady words in the first place and seeking progress while maintaining stability”.
“The essence of the registration system reform is to properly handle the relationship between the government and the market, hand over the right of choice to the market, reduce unnecessary administrative controls, and strengthen market constraints and legal constraints, so as to stimulate market vitality and enhance market functions. The path of registration system reform , is to build an issuance and listing system with information disclosure as the core, and promote all market participants to fulfill their responsibilities.” Xiao Gang said.
Xiao Gang said that the pilot reform of the registration system has been launched successively on the Science and Technology Innovation Board, ChiNext and Beijing Stock Exchange, and has achieved remarkable results. This is widely recognized by all parties, and the reform has a strong sense of gain, which has accumulated experience and created conditions for the full implementation of the registration system. The key and difficulty of implementing the comprehensive registration system lies in the reform of the main board. The Shanghai and Shenzhen Main Boards are different from the Science and Technology Innovation Board and the Growth Enterprise Market. They involve many existing listed companies and investors. These listed companies are relatively large in scale and their business operations are at a relatively mature stage. From the perspective of industry distribution, many belong to traditional industries.
“In the implementation of the registration system on the main board, we must adhere to the stability of the word and seek progress while maintaining stability. It must not only reflect the requirements of the registration system, but also conform to the characteristics of the main board.” Xiao Gang said that it is also the main board reform, and the relevant systems of the Shanghai Stock Exchange and Shenzhen Stock Exchange are not In the same way, further research is needed when formulating reform plans to ensure the smooth implementation of reforms. In addition, in the process of fully implementing the registration system, it is necessary to further optimize the mechanism. The exchange focuses on strengthening the audit responsibilities, and the CSRC focuses on overall coordination, supervision and management, and continuously improves the quality and efficiency of audit and registration.
In addition to the reform of the registration system, Xiao Gang also made suggestions on hot issues such as the high-quality development of the multi-level capital market and the green and low-carbon development of the capital market.
Xiao Gang believes that at present, my country’s multi-level capital market has a clear positioning and has initially formed a pattern of dislocation development, each with its own characteristics and moderate competition. The Science and Technology Innovation Board is mainly positioned to support “hard technology“, the ChiNext board is positioned for innovation and entrepreneurship, and the Beijing Stock Exchange is positioned to build a main position for serving innovative small and medium-sized enterprises, highlighting the characteristics of “earlier, smaller, and newer”, various standards and technology GEM and GEM form differences, and the issuance and trading systems are more flexible and closer to the growth stage of small and medium-sized enterprises.
Xiao Gang said that my country’s capital market is currently undergoing profound structural changes, the structure of listed companies and investors has been significantly improved, the market ecology has improved significantly, and the market vitality, resilience and internal stability have been significantly enhanced. At present, my country’s economic operation is generally stable, there are many policy tools available, there is more room for regulation, and market liquidity is reasonably sufficient. The margins of risks such as leveraged funds and stock pledges in the A-share market have converged, and the market has a solid foundation for stable operation.
In order to promote the high-quality development of the multi-level capital market, Xiao Gang believes that three aspects should be emphasized:
First, it is necessary to further enhance the ability of the capital market to serve the real economy, maintain the normalization of IPOs and refinancings in a scientific and reasonable manner, actively play the role of the main channel for mergers and acquisitions, regulate the development of private equity and venture capital funds, and guide funds to increase investment in technological innovation, Support for key areas such as advanced manufacturing and small and medium-sized enterprises.
Second, the reform of the registration system should be the main line to promote market reform and opening up, insist on using the reform method to stimulate market vitality, stabilize market expectations, boost market confidence, speed up investment-side reform, and guide more long-term funds to enter the market.
Third, it is necessary to maintain the stable operation of the capital market, improve risk monitoring, early warning, and disposal mechanisms, and improve the toolbox for risk response.
In terms of serving green and low-carbon development in the capital market, Xiao Gang said that the capital market can anchor the following goals to help green and low-carbon development: First, to support green and low-carbon companies for listing and financing, strictly control the entrance, and resolutely prevent non-compliance with relevant national industrial policies and regulatory requirements for companies to enter the capital market. The second is to vigorously develop green bonds, green funds, and green asset-backed securities. The third is to give full play to the role of the futures market, actively and steadily promote the research and development of carbon futures products, improve the carbon pricing mechanism, and enrich green and low-carbon varieties. Research and development of carbon commodity futures.
(Editor: Wen Jing)
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