The State Council today (12th) issued the "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting the High-quality Development of the Capital Market", which consists of 9 parts, referred to as the new "National Nine Articles" of the capital market. On the occasion of the promulgation of the "Opinions", the reporter of the main station interviewed Wu Qing, chairman of the China Securities Regulatory Commission, to give an authoritative interpretation of the new "Nine Articles of the State".
Make up for weaknesses
Responding to investor concerns
Wu Qing said that the new "National Nine Articles" of the capital market issued this time are the guiding documents for the capital market issued by the State Council again after 10 years after the two "National Nine Articles" in 2004 and 2014. Compared with the previous two "National Nine Articles", the content of the new "National Nine Articles" has its own characteristics.
- First, it fully embodies 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 emphasized that it is necessary to adhere to stability as the keynote, strengthen the foundation, strictly supervise and strictly manage, and better serve the overall situation of high-quality economic and social development with the high-quality development of the capital market itself.
It is worth noting that the new "National Nine Articles" issued this time do not evade hot concerns, and fully reflect 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, regulatory and law enforcement exposed by the fluctuations in the stock market since August last year, we should 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 market for a long time, and accelerate the construction of a safe, standardized, transparent, open, dynamic and resilient capital market.
Next 5 years, 2035 and the middle of the century
The development goals of the capital market were announced
The new "National Nine Points" focus on the center of Chinese-style modernization, anchor the goal of building a financial power, and put forward the development goals of the capital market in the next five years, 2035 and the middle of this century in stages. Wu Qing said that it is of great significance to promote the high-quality development of the capital market.
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 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.
According to the new "National Nine Articles", the next development goals of the capital market mainly include:
- In the next five years, an overall framework for the high-quality development of the capital market will be basically formed. The investor protection system and mechanism have been further improved. The quality and structure of listed companies have been significantly optimized, and the strength of securities, funds and futures institutions has continued to increase. The regulatory capacity and effectiveness of the capital market have been greatly improved.
- By 2035, a capital market with a high degree of adaptability, competitiveness and inclusiveness will be basically established.
- By the middle of this century, the modernization level of the capital market governance system and governance capacity will be further improved, and a high-quality capital market will be built that matches that of a financial power.
Wu Qing, Chairman of the China Securities Regulatory Commission: The new "National Nine Articles" outline an exciting and inspiring 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 supporting system rules were released
Form a "1+N" policy system
Focusing on the new "National Nine Articles", a number of supporting system rules of the China Securities Regulatory Commission have also been issued. Wu Qing said that the new "National Nine Articles" adhere to systematic thinking, the combination of near and far, and comprehensive policies, and the implementation arrangements organized and implemented by the China Securities Regulatory Commission in conjunction with relevant parties to jointly form a "1+N" policy system. Among them, "1" is the "Opinions" itself, and "N" is a number of supporting system rules.
In March this year, the China Securities Regulatory Commission (CSRC) issued four supporting policy documents, including strictly controlling the access to issuance and listing and strengthening the continuous supervision of listed companies. On the 12th, the China Securities Regulatory Commission (CSRC) issued supporting policy documents to strengthen delisting supervision, and solicited public opinions on 6 specific system rules, and the exchange also solicited opinions on a number of self-discipline rules.
Wu Qing, Chairman of the China Securities Regulatory Commission: This is an organic whole that complements each other, and must be promoted and implemented systematically.
Wu Qing said that in terms of strong supervision, the China Securities Regulatory Commission will build a comprehensive and three-dimensional capital market supervision system, and fully implement the supervision of "long teeth and thorns", with edges and corners.
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 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, Wu Qing said that he would propose a series of institutional arrangements and policy measures.
Wu Qing, Chairman of the China Securities Regulatory Commission: A series of institutional arrangements and policy measures were put forward from the aspects of maintaining the smooth operation of the market, preventing and resolving risks in key areas, improving the expectation management mechanism, and coordinating 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, the China Securities Regulatory Commission 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, promote capital formation, better serve new industries, new business forms and new technologies and other innovations, and effectively promote the development of new quality productivity.
Wu Qing, Chairman of the China Securities Regulatory Commission: 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. In the next step, the China Securities Regulatory Commission 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, and promoting 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" have made arrangements for many important aspects.
Wu Qing, Chairman of the China Securities Regulatory Commission: A good market ecology, institutional investors and individual investors will grow together, long-term and short-term all kinds of funds have their own place, issuers and investors achieve each other, market participants are responsible, and supervision and market interact benignly.
In terms of promoting the entry of medium and long-term funds into the market, the new "National Nine Articles" not only emphasize the "basic market" of vigorously developing equity public funds, but also focus on creating a policy environment that can be attracted, retained and developed, and promote the classification of long-term funds such as insurance funds, social security funds and pensions to enter the market.
Wu Qing, Chairman of the China Securities Regulatory Commission: For another example, the "Opinions" emphasize strengthening the rule of law, and put forward a lot of hard measures around greatly increasing the cost of violations of laws and regulations in the capital market and improving 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.
Wu Qing said that the China Securities Regulatory Commission will continue to strengthen the coordination of work with all parties to promote the formation of a strong synergy to promote the high-quality development of the capital market.
To build their own comprehensive strictness
Promote the comprehensive and strict supervision work
In response to the requirements of the new "National Nine Articles" to strengthen the construction of the China Securities Regulatory Commission itself, Wu Qing said that the China Securities Regulatory Commission 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 governance of the party, fully implement the requirements of strict supervision and strict management with the determination to turn inward, and promote the comprehensive and strict supervision work with the comprehensive strictness of our own construction.
Wu Qing said that the China Securities Regulatory Commission system will continue to focus on eradicating the soil conditions generated by corruption, and promote "dare not be corrupt, cannot be corrupt, and do not want to be corrupt".
Wu Qing, Chairman of the China Securities Regulatory Commission: 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 sides. 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 and risk prevention and promoting the high-quality development of the capital market.