Special topic: heavy weightHouseoffun200freespins! After 10 years! The State Council issued another guiding document on the capital market.
The State Council today (12th) issued some opinions on strengthening Supervision, guarding against risks and promoting the High-quality Development of the Capital Market.Houseoffun200freespinsThe "opinion" consists of nine parts, abbreviated as the new "National Nine articles" of the capital market. On the occasion of the introduction of the "opinion," a reporter from the General Station interviewed Wu Qing, chairman of the China Securities Regulatory Commission, to make an authoritative interpretation of the new "National Nine articles."
Make up for the weaknesses and respond to the concerns of investors
Wu Qing said that the new "National Nine articles" on the capital market is another capital market guidance document issued by the State Council 10 years after the two "National Nine articles" in 2004 and 2014. Compared with the former two "Nine articles", the content of the new "Nine articles" has its own characteristics.
What is worth paying attention to is that the new "National Nine articles" issued this time does not evade hot concerns and fully reflects the goal-oriented and problem-oriented.
Wu Qing, chairman of the China Securities Regulatory Commission: in particular, in view of the outstanding problems in the institutional mechanism, supervision and law enforcement exposed by stock market fluctuations since August last year, we should make up for our weaknesses and weaknesses in a timely manner, respond to investors' concerns, promote the resolution of deep-seated contradictions accumulated in the market for a long time, and speed up the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.
The next 5 years, 2035 and the middle of this century
Announcement of development objectives of capital market
The new "National Nine articles" focuses on the center of Chinese-style modernization, anchors the goal of building a financial power, and puts forward the goal of capital market development in the next five years, 2035 and the middle of this century. How to understand this goal? Wu Qing said that promoting the high-quality development of the capital market is of great significance.
Wu Qing, chairman of the China Securities Regulatory Commission: promoting the high-quality development of the capital market is conducive to promoting the high-level circulation of science and technology, industry and capital, improving the modern industrial system, and promoting the development of new productive forces; it is conducive to enriching financial products and services, creating more opportunities to increase residents' property income, and developing equity financing, optimizing the financing structure, and improving the modern financial system with Chinese characteristics.
According to the new "National Nine articles", the following capital market development objectives mainly include:
Wu Qing, chairman of the China Securities Regulatory Commission: the new "National Nine articles" outlines an exciting and inspiring blueprint for development from the aspects of investor protection, the quality of listed companies, the development of industry institutions, regulatory capacity, and the construction of the governance system. We understand that this series of development goals are systematic, comprehensive and progressive, and we must unswervingly adhere to the direction of market-oriented and legal reform, respect laws and rules, and implement them one step at a time. Unswervingly turn the blueprint into reality.
Release of supporting system and rules
Form a "1x N" policy system
Around the new "National Nine articles", a number of supporting system rules of the CSRC have also been issued one after another. Wu Qing said that the new "National Nine articles" adhere to systematic thinking, the combination of far and near, comprehensive policies, and the implementation arrangements organized and implemented by the Securities Regulatory Commission and relevant parties to jointly form a "1x N" policy system. Among them, "1" is the "opinion" itself, and "N" is a number of supporting system rules.
In March this year, the CSRC issued four supporting policy documents, including strict access to issuance and listing, and strengthening the continuous supervision of listed companies. On the 12th, the CSRC issued supporting policy documents to strengthen delisting supervision, and openly solicited opinions on six specific institutional rules, and the exchange also solicited opinions on a number of self-regulatory rules.
Wu Qing, chairman of the China Securities Regulatory Commission: this is an organic whole that complements each other and must be promoted as a whole and implemented systematically.
Wu Qing said that in terms of strong supervision, the CSRC will build an omni-directional and three-dimensional capital market regulatory system and fully implement the regulatory "tusk with thorns".
Wu Qing, chairman of the China Securities Regulatory Commission: the supervision of listed companies should highlight the whole chain of supervision and enhance the investment value of listed companies, and make continuous efforts around the following three aspects: strict listing, strict and continuous supervision, and strengthening delisting supervision. Institutional supervision should promote a return to its origin, be better and stronger, further consolidate the responsibilities of "gatekeepers", guide securities and futures funds and other industry institutions to correct their business concepts, and enhance their compliance level, professional service capability, and core competitiveness. Actively cultivate rational investment, value investment, long-term investment concept and healthy investment culture. Transaction supervision should promote fairness and efficiency, standardize the trading behavior of all kinds of subjects and funds, severely crack down on violations of laws and regulations that disturb the market, and maintain open, fair and just order.
In terms of risk prevention, Wu Qing said that he would put forward a series of institutional arrangements and policy measures.
Wu Qing, chairman of the China Securities Regulatory Commission, put forward a series of mechanism arrangements and policy measures from the aspects of maintaining the smooth operation of the market, preventing and defusing risks in key areas, improving the expected management mechanism, and co-ordinating opening up and security. In particular, it is necessary to enhance the inherent stability of the capital market, improve the risk monitoring and disposal mechanism, and strive to stabilize confidence and expectations.
In terms of promoting high-quality development, the CSRC will conscientiously implement the requirements of the "five major articles" of finance, further improve the multi-level capital market system, enhance the adaptability and inclusiveness of the capital market system, and promote capital formation. better serve new industries, new business type, new technology and other innovations, and effectively promote the development of new productive forces.
Wu Qing, chairman of the China Securities Regulatory Commission: at present, we are carrying out a comprehensive assessment of capital market reform, extensively listening to opinions and suggestions from all parties, and studying and improving relevant systems and rules. we will continue to deepen the reform of the stock issue registration system and other important systems. In the next step, the CSRC will also study and formulate reform measures to promote the long-term development of the capital market on the basis of in-depth research.
Work together to promote the high-quality development of the capital market
There are many participants in the capital market and the operation mechanism is complex, so the high-quality development of the capital market is inseparable from the joint efforts of all parties. Wu Qing said that the new "National Nine articles" has made arrangements for many of these important aspects.
Wu Qing, chairman of the China Securities Regulatory Commission: a good market ecology, institutional investors and individual investors will have symbiotic growth, long-term and short-term funds, mutual achievements of issuers and investors, due diligence of market participants, and positive interaction between supervision and the market, which requires the cooperation of all relevant parties. We should jointly grasp all kinds of balanced relationships such as investment and financing, primary and secondary markets, import and export, on-site and off-site, so as to form an effective governance of the capital market with co-construction, co-governance and sharing.
In terms of promoting the entry of medium-and long-term funds into the market, the new "National Nine articles" not only emphasizes the "basic market" of developing equity public offering funds, but also aims to create a policy environment that can attract, retain, and develop well. we will promote insurance funds, social security funds, pensions and other long-term funds to enter the market and make arrangements.
Wu Qing, chairman of the China Securities Regulatory Commission: for example, the "opinion" emphasizes strengthening the rule of law, and puts forward a lot of hard measures around greatly increasing the cost of violation of laws and regulations in the capital market and improving the administrative, criminal, and civil three-dimensional liability system. We believe that as long as we persevere, the capital market will certainly become clearer. For example, the "opinions" put forward requirements for deepening coordination and linkage between central and local governments and inter-ministries.
Wu Qing said that the CSRC will continue to strengthen coordination with all parties to promote the formation of a strong joint force to promote the high-quality development of the capital market.
Be comprehensive and strict with self-construction
Drive the supervision to be strict in an all-round way
In response to the requirements put forward by the new "National Nine articles" to strengthen the self-construction of the CSRC, Wu Qing said that the CSRC system has made corresponding arrangements and introduced specific measures.
Wu Qing, chairman of the China Securities Regulatory Commission: we will further promote the comprehensive and strict administration of the party, comprehensively implement the requirements of strict supervision and management with the determination of the blade inward, and promote the comprehensive and strict supervision and control work with the comprehensive and strict self-construction.
Wu Qing said that the CSRC system will continue to focus on eradicating the soil conditions caused by corruption and promote "do not dare to rot, do not want to rot".
Wu Qing, chairman of the China Securities Regulatory Commission: with regard to the outstanding issues of political and business "revolving door" and escape resignation, which are of great concern to all parties, we have introduced more than 20 measures to implement comprehensive measures from both the business side and the management side. in this regard, we will also deepen special governance, grasp to the end, and never tolerate it. In short, we will strive to build an iron force of supervision with excellent politics, ability and work style, so as to provide a strong guarantee for strong supervision and risk prevention to promote the high-quality development of the capital market.
(CCTV reporter Liu Ying, Zhao Shuguang, Dong Bin, Shaochen)