Wu Qing, chairman of the China Securities Regulatory Commission, was interviewed on the implementation of the third "National Nine Articles" in the capital market

A few days ago, the State Council issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market". The opinions issued this time have a total of 9 parts, which is the third "national nine articles" in the capital market. Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, was interviewed by reporters on the implementation of the opinions on the 12th.

After another 10 years, the State Council once again issued a guiding document on the capital market

Q: How do you understand the significance of the opinions?

Answer: The opinions issued by the State Council thoroughly implement the spirit of General Secretary Xi Jinping's important instructions on the capital market and implement the deployment of the Central Financial Work Conference, which is a guiding document for the capital market issued by the State Council again after 10 years after the two "National Nine Articles" in 2004 and 2014, which fully reflects the great importance and ardent expectations of the CPC Central Committee and the State Council for the capital market.

Compared with the previous two "National Nine Articles", the opinions issued this time mainly have the following characteristics: First, it fully reflects the political and people's nature of the capital market. He stressed the need to uphold and strengthen the party's overall leadership over the work of the capital market, adhere to the people-centered value orientation, and more effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors. The second is to fully embody the main line of strengthening supervision, preventing risks, and promoting high-quality development. It is necessary to adhere to the principle of stability, strengthen the foundation, strictly supervise and manage, and better serve the overall situation of high-quality economic and social development with the high-quality development of the capital market itself. The third is to fully embody goal-oriented and problem-oriented. In particular, in view of the outstanding problems in the institutional mechanism, regulatory and law enforcement exposed by the stock market fluctuations since August last year, we will make up for the shortcomings, strengths and weaknesses in a timely manner, respond to investors' concerns, promote the resolution of the deep-seated contradictions accumulated in the capital market for a long time, and accelerate the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.

The development goals of the capital market set by the Opinions are progressive

Q: How to understand the development goals of the capital market in the coming period proposed by the opinions?

A: The 20th National Congress of the Communist Party of China (CPC) clearly stated that the great rejuvenation of the Chinese nation should be comprehensively promoted through Chinese-style modernization. At the Central Financial Work Conference, the goal of accelerating the construction of a financial power was proposed. A strong capital market is the norm in the modern economy. 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 and creating more opportunities to increase residents' property income; it is also conducive to the development of equity financing, optimizing the financing structure, and improving the modern financial system with Chinese characteristics.

Focusing on the center of Chinese-style modernization and anchoring the goal of building a financial power, the new "National Nine Measures" put forward the development goals of the capital market in the next five years, 2035 and the middle of this century in stages, and outlined a development blueprint from the aspects of investor protection, the quality of listed companies, the development of industry institutions, regulatory capabilities and the construction of governance systems. We understand that this series of development goals is systematic and comprehensive, and it is also progressive at all levels, and we must unswervingly adhere to the direction of market-oriented and rule-of-law reform, respect the law and respect the rules, grasp the implementation step by step, work for a long time, and unswervingly turn the blueprint into reality.

The implementation of the opinions will form a "1+N" policy system

Q: How will the CSRC systematically promote the implementation of the various policy measures proposed in the Opinions?

Answer: The new "National Nine Articles" adhere to systematic thinking, combination of near and far, and comprehensive policies, and work with the China Securities Regulatory Commission to organize and implement implementation arrangements with relevant parties to jointly form a "1+N" policy system. "1" refers to the opinion itself, and "N" refers to a number of supporting institutional rules. Last month, we issued four supporting policy documents, including strictly controlling the entry of issuance and listing, and strengthening the continuous supervision of listed companies. Today, it will also release supporting policy documents to strengthen delisting supervision, and solicit public opinions on six specific system rules, and the exchange also has a number of self-discipline rules to solicit opinions at the same time. In the next step, we will also study and formulate reform measures to promote the long-term development of the capital market on the basis of in-depth research.

On the whole, the main line of the "1+N" policy system is to strengthen supervision, prevent risks, and promote high-quality development. This is an organic whole that complements each other, and must be promoted as a whole and implemented systematically.

In terms of strong supervision, we will build an all-round and three-dimensional capital market supervision system, and fully implement the "long teeth and thorns" of supervision. The supervision of listed companies should highlight the supervision of the whole chain and enhance the investment value of listed companies, and continue to make efforts in three aspects: strict listing control, strict and continuous supervision, and increased delisting supervision. Institutional supervision should promote the return to the origin, become better and stronger, further consolidate the responsibility of "gatekeepers", guide institutions in various industries such as securities and futures funds to correct their business philosophy, and improve their compliance level, professional service capabilities and core competitiveness. Actively cultivate rational investment, value investment, long-term investment philosophy and healthy investment culture. Transaction supervision should promote fairness and efficiency, standardize the trading behavior of all types of entities and funds, severely crack down on violations of laws and regulations that disrupt the market, and maintain an open, fair, and just order.

In terms of risk prevention, we will put forward a series of institutional arrangements and policy measures to maintain the smooth operation of the market, prevent and resolve risks in key areas, improve the expectation management mechanism, and coordinate opening-up and security. In particular, it is necessary to enhance the internal 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, we will conscientiously implement the requirements of the Central Financial Work Conference to do a good job in the five major articles of finance, further improve the multi-level capital market system, enhance the adaptability and inclusiveness of the capital market system, promote capital formation, better serve new industries, new forms of business and new technologies and other innovations, and effectively promote the development of new quality productivity. At present, we are carrying out a comprehensive assessment of the capital market reform, listening to the opinions and suggestions of all parties, studying and improving the relevant systems and rules, and promoting the continuous deepening of important system reforms such as the stock issuance registration system.

Form an effective governance of the capital market of co-construction, co-governance and sharing

Q: Promoting the high-quality development of the capital market is inseparable from the joint efforts of all parties.

Answer: There are many participants in the capital market, and the operation mechanism is complex. In a good market ecology, institutional investors and individual investors grow together, all kinds of long-term and short-term funds have their own place, issuers and investors achieve each other, all market participants are responsible, and supervision and the market interact benignly. This requires all relevant parties to work together to grasp the balanced relationship between investment and financing, primary and secondary markets, import and export, and on-market and off-market, so as to form an effective governance of the capital market of co-construction, co-governance and sharing.

The new "National Nine Articles" have made arrangements for many of these key contents. For example, to promote the entry of medium and long-term funds into the market, it not only emphasizes the "basic disk" of vigorously developing equity public funds, but also focuses on creating a policy environment that can be attracted, retained and developed, and promotes long-term funds such as insurance funds, social security funds, and pensions to enter the market, and make arrangements by classification. For another example, the Opinions emphasize the strengthening of the rule of law, and put forward a number of hard measures to greatly increase the cost of violations of laws and regulations in the capital market and improve the three-dimensional accountability system of administrative, criminal and civil matters. We believe that as long as we persistently grasp it, the capital market will definitely be clearer. For example, the opinions put forward requirements for deepening the coordination and linkage between the central and local governments and ministries. We will continue to strengthen the coordination of work with all parties and promote the formation of a strong synergy to promote the high-quality development of the capital market.

Build an iron army with strong politics, strong ability and strong work style

Q: The Opinions put forward requirements for strengthening the CSRC's own construction, and the CSRC has also issued relevant documents. What are the specific measures in this regard?

Answer: Iron must be its own. The new "National Nine Articles" put forward clear requirements for strengthening the construction of the supervision team itself, and we have also made arrangements. We will give more prominence to strengthening political construction, continue to consolidate and expand the educational achievements of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, further promote the comprehensive and strict governance of the Party, and fully implement the requirements of strict supervision and strict management with the determination to turn inward, and drive the comprehensive and strict supervision work with comprehensive and strict self-construction. Strengthen coordination and linkage with the discipline inspection and supervision team stationed at the meeting, solidly promote the central inspection and rectification, focus on eradicating the soil conditions for corruption, and promote "dare not be corrupt, cannot be corrupt, and do not want to be corrupt". We have introduced more than 20 measures to implement comprehensive policies from the business side and the management side of the outstanding problems such as the "revolving door" of politics and business, and the escape resignation, which are of great concern to all parties. In short, we will strive to build a strong regulatory army with strong politics, ability and work style, so as to provide a strong guarantee for strengthening supervision, preventing risks and promoting the high-quality development of the capital market.

National Business Daily

China's capital market ushered in the third "National Nine Measures": raising the listing standards of the main board and the growth enterprise board