According to the news from China Government Network on March 25, the State Council recently issued the “Opinions on Implementing the Key Work Division of the “Government Work Report”, which clarifies that the full implementation of the stock issuance registration system will continue to advance during the year, and the financial stability guarantee will be completed by the end of September.fundRaise related work.
Solidly promote the reform of the comprehensive registration system
In terms of improving the bond financing support mechanism for private enterprises, fully implementing the stock issuance registration system, and promoting the stable and healthy development of the capital market, the “Opinions” clarified that this work will be carried out by the Chinese people.BankNational Development and Reform Commission, China Securities Regulatory Commission, etc. are responsible according to the division of responsibilities, and continue to advance during the year.
Solidly advancing the reform of the full implementation of the registration system for stock issuance is undoubtedly the top priority of this year’s capital market reform. “Through more than two years of practice, the capital market has gradually acquired the conditions for the full roll-out of the registration system. Various systems should be improved on the basis of previous reforms, the shortcomings should be filled, and they should be launched in a timely manner.”Shenwan HongyuansecuritiesYang Changchang, chief economist of the institute, said.
Experts said that the deepening of the registration system reform must effectively promote the improvement of relevant supporting mechanisms. “The full implementation of the registration system should further strengthen supervision and consolidate the responsibilities of listed companies and financial intermediaries; further improve the quality of listed companies and strengthen the information disclosure of listed companies; further improve the entry and delisting systems, and ensure good entry and exit. “Zhu Jiandi, chairman of Lixin Certified Public Accountants, believes that in the process of the registration system reform, the regulation and guidance of capital should be strengthened, and investment and financing in specific sensitive areas should be strengthened.M&AActivities are strictly regulated.
In terms of improving the bond financing support mechanism for private enterprises, industry insiders believe that there may be more financing support tools and improved financing measures in the follow-up. “Substantial improvement of private enterprise financing is difficult to achieve overnight, and it still requires continuous improvement of the bond market structure, diversification of investor structure, establishment of correct risk awareness and development of risk hedging tools. Solve the difficult problem of bond financing of private enterprises in other dimensions.” The report released by China Chengxin International Research Institute said.
In terms of making every effort to maintain the stable operation of the capital market, the China Securities Regulatory Commission has made it clear when conveying the spirit of studying and implementing the National Two Sessions. Sensitive issues, and make every effort to maintain the smooth operation of the market.
In addition, in terms of promoting the development of venture capital, innovating technology financial products and services, and enhancing the professional level of technology intermediary services, the “Opinions” clearly stated that the people’sBankthe China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the Ministry of Science and Technology, the National Development and Reform Commission, the State Administration of Taxation, etc. are responsible for the division of responsibilities, and relevant policies will be issued before the end of June, which will continue to be promoted during the year.
Promote the establishment of a financial stability guarantee fund as soon as possible
The “Opinions” make it clear that the work related to the raising of the Financial Stability Guarantee Fund will be completed by the end of September.
“Internationally, the establishment of a financial stability guarantee fund is a common practice in various countries to deal with financial risks.” The spokesperson of the China Banking and Insurance Regulatory Commission said on the 25th that it is necessary to learn from international experience and based on my country’s actual situation, to establish a financial stability guarantee fund and improve the financial stability guarantee fund with Chinese characteristics. Financial Stability Guarantee System.
According to the spokesperson, relevant work is being studied and advanced.Preliminary consideration, the Financial Stability Guarantee Fund is used for major risk disposals with systemic hidden dangers, and deposits that play a role in routine risk disposalinsuranceand industry security funds are essential parts of my country’s financial safety net. And take it from the market and use it in the market, differentiate between different industries and different entities and implement differentiated charges to balance risks, benefits and responsibilities, and avoid losses to the interests of the country and taxpayers. In the next step, we will promptly study and improve relevant laws and regulations and institutional arrangements, promote the establishment of a financial stability guarantee fund as soon as possible, and accumulate backup funds for the disposal of major risks.
Regarding the operation mechanism of the Financial Stability Assurance Fund,Zhongtai SecuritiesDirector and Chief of the Policy Group of the InstituteanalystYang Chang said that from an international perspective, similar funds are the European Financial Stability Fund.From the experience of the European Financial Stability Fund, such funds, firstly, intervene in the market when financial stability faces certain risks; secondly, carry out actions based on preventive plans; thirdly, provide capital for financial institutionsreorganizationFunding.
Finance and taxcurrencyPolicies work together
In terms of giving full play to the dual functions of monetary policy tools in terms of aggregate and structure, the “Opinions” clearly stipulate that the people’sBankTake the lead and continue to advance throughout the year.Experts believe that the follow-up prudent monetary policy will intensify its implementation and pay more attention to maintainingnew creditModerate growth.
Talking about how to give full play to the dual functions of total amount and structure,Minsheng BankChief researcher Wen Bin believes that, on the one hand, in response to the current problem of insufficient aggregate demand, there is still room and necessity for RRR cuts and interest rate cuts to boost the confidence of market players and increase effectivecreditOn the other hand, improve structural monetary policy tools such as re-lending to support agriculture, small and medium-sized enterprises, carbon emission reduction support tools, and special re-lending for clean and efficient use of coal, focusing on supporting manufacturing, small and micro enterprises, technology Key areas and weak links such as innovation, green development, and rural revitalization will further enhance the ability of financial services to serve the real economy and ensure that the economy operates within a reasonable range.
In terms of tax support policies, the “Opinions” clarified the time limit for the introduction of various policies. For example, in adhering to the combination of phased measures and institutional arrangements, and the simultaneous implementation of tax reduction and tax refund, the “Opinions” proposed that the Ministry of Finance and the State Administration of Taxation should take the lead, and relevant policies should be introduced before the end of April and continue to be promoted during the year. In terms of policies such as increasing the implementation of the additional deduction policy for R&D expenses, the “Opinions” clearly stated that the Ministry of Finance, the State Administration of Taxation, and the Ministry of Science and Technology will take the lead. In terms of improving the tax collection and management system and cracking down on tax evasion and fraud in accordance with the law, the “Opinions” clearly led by the State Administration of Taxation. Relevant policies will be issued before the end of September and will continue to be promoted during the year.
The relevant person in charge of the State Administration of Taxation previously stated that this year’s tax and fee support policies will highlight the orientation and stimulate innovation and strong momentum. Relevant policies will encourage enterprises to increase investment in research and development, cultivate and strengthen innovation momentum, and better promote high-quality development. In addition, the tax department will improve the tax collection and management system, crack down on tax evasion and tax fraud in accordance with the law, and especially make good use of the six departments including the State Administration of Taxation to normalize the work mechanism of “fake enterprises”, “fake exports” and “false declarations”, and severely crack down and seriously investigate and deal with fraudulently obtaining enjoyment. Tax incentives and other lawbreakers, and increase public exposure.
(Article source: ChinasecuritiesReport · China Securities Network)