CSRC: Fully consolidate the steady and positive momentum of the capital market

The party secretary and chairman of the China Securities Regulatory Commission, Wu Qing, said at a symposium on listed companies under the “15th Five-Year Plan” for the capital market on [a recent date], that the CSRC will do a high-quality job in drafting and implementing the “15th Five-Year Plan” for the capital market, make every effort to consolidate the momentum of steady and positive development in the capital market, and promptly introduce reforms to deepen the ChiNext (GEM) Board.

Wu Qing said that the CSRC will comprehensively, profoundly, and accurately study and grasp the important deployments of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, strengthen research on major issues concerning reform, development, and stability of the capital market during the “15th Five-Year Plan” period, and unify strategic needs with what is feasible in practice, and unify what the market requires with what regulators plan and aim for, to draft and implement the “15th Five-Year Plan” for the capital market to a high standard.

He emphasized that the CSRC should closely follow the main line of work of preventing risks, strengthening regulation, and promoting high-quality development, make every effort to consolidate the momentum of steady and positive development in the capital market, focus on continuing to deepen the integrated reform of capital market investment and financing, improve the inclusiveness and adaptability of the system to better fit changing circumstances, promptly introduce reforms to deepen the ChiNext (GEM) Board, and continuously promote the implementation of reforms on the STAR Market (Science and Technology Innovation Board). The CSRC will improve the convenience, flexibility, and attractiveness of the refinancing system, promote high-quality integrated development of the Beijing Stock Exchange and the National Equities Exchange and Quotations (NEEQ), enhance the coverage and radiation capability of a multi-tier capital market, more effectively and efficiently support the development of a modern industrial system and the growth of new-quality productive forces, actively serve the development goals of the “15th Five-Year Plan” and the building of a strong financial nation. Wu Qing also said that listed companies are the foundation of the capital market; they should focus on their core businesses, improve corporate governance, strive to enhance the quality of development, and strengthen the ability to return value to investors, thereby providing solid support for high-quality development of the capital market.

At the symposium, participants put forward specific suggestions and comments on how to do a good job in the “15th Five-Year Plan” for the capital market, improve the inclusiveness and adaptability of the system, and enhance the quality and investment value of listed companies. The main points include: continuing to optimize the rules of the issuance and listing system to better meet the needs of emerging industries, future industries, and the transformation and upgrading of traditional industries; improving the efficiency of refinancing for listed companies to better activate the vitality of the mergers and acquisitions and restructuring market; fostering “patient capital” with greater intensity and encouraging medium- and long-term capital to enter the market, in order to better match the long-cycle needs of industrial development; improving dividend and share repurchase arrangements and incentive and constraint mechanisms for listed companies, and urging listed companies to further improve standardized operations and the quality of information disclosure; increasing policy support for the global development of listed companies to help cultivate world-class enterprises, among others.

《Recommendations of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development》 proposes to enhance the inclusiveness and adaptability of the capital market system, and improve the capital market functions for coordinating investment and financing. Actively develop direct financing such as equity and corporate bonds, and steadily develop futures, derivatives, and asset securitization. In recent times, the CSRC has conducted extensive research on the “15th Five-Year Plan” for the capital market, and has successively held symposiums for listed companies and industry institutions under the “15th Five-Year Plan” for the capital market, as well as expert symposiums on the “15th Five-Year Plan” for the capital market. The CSRC said it will continuously deepen the integrated reform of capital market investment and financing, improve the inclusiveness and adaptability of the system, as well as its competitiveness and attractiveness, strive to achieve a qualitative effective improvement and a rational increase in quantity, and effectively enhance the inherent stability of the market. (Reporter: Wu Lihua)

(Editor: Wen Jing)

Keywords:

                                                            capital market