Dahe Daily Yu video reporter Sun Kaijie
On April 12, the State Council issued the "Several Opinions on Strengthening Supervision and Risk Prevention to Promote the High-quality Development of the Capital Market", which consists of 9 parts, which is the third capital market guidance document issued by the State Council after the two "National Nine Articles" in 2004 and 2014.
The new version of the "Nine Articles of the People's Republic of China" mainly includes the following contents: strictly controlling the entry of issuance and listing, strictly supervising the continuous management of listed companies, intensifying the supervision of delisting, strengthening the supervision of securities and fund institutions, and promoting the industry to return to its origins and become better and stronger, strengthening transaction supervision and enhancing the internal stability of the capital market, vigorously promoting the entry of medium and long-term funds into the market, and continuing to expand the long-term investment force, further deepening reform and opening up in an all-round way to better serve high-quality development, and promoting the formation of a joint force to promote the high-quality development of the capital market. The relevant opinions focus on the characteristics and needs of the development of the capital market in the new era, and are policy documents with overall and guiding significance.
On April 16, Song Xiangqing, vice president of the China Business Economics Association and chairman of the Free Trade Port (Zone) Special Committee, said in an interview with a video reporter from Dahe Daily that the implementation of the new "National Nine Articles" is not only a booster to promote macroeconomic stability and improvement, but also a sober shot to promote the steady development of the capital market.
The implementation of the new version of the "National Nine Articles" is conducive to the formation of a new ecology that respects the laws of the capital market
Song Xiangqing believes that the new "National Nine Articles" are like a spring thunder in the capital market, which is expected to bring a "sweet rain" to the macroeconomic and capital markets.
From a macroeconomic point of view, the new version of the "National Nine Measures" is conducive to building a strong capital market and guiding the capital market to become the standard for promoting the high-quality development of the modern economy; it is conducive to promoting the progressive and high-level circulation of science and technology, industry and capital, and enhancing the self-improvement and self-repair ability of the modern industrial system; it is conducive to forming a new kinetic energy for capital to support innovation-driven, digital transformation and intelligent upgrading, and cultivating and developing new quality productivity.
From the perspective of the capital market, it is conducive to the formation of a new ecology of capital market operation that respects the laws of the capital market, abides by the rules of the capital market, regulates capital market transactions, and rationally allocates capital rights and interests; is conducive to enriching and optimizing new financial products and investment services based on the capital market, and creates more superior opportunities and conditions for the increase of residents' property income; is conducive to the development of equity financing at multiple levels and in multiple fields, optimizes the financing structure of market entities, and improves the modern financial system, investment system, and capital market system with Chinese characteristics.
Bringing listed companies into the "cage" of the system is conducive to purifying the capital market
In the new version of the "National Nine Articles", a number of review standards for the access, supervision, and delisting of listed companies have been revised, which can show the determination of the new policy for capital market reform.
Song Xiangqing believes that the inclusion of listed companies in the "cage" of the system of accountability is not only a kind of direction guidance, but also has a strong deterrent and warning effect. By 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 can create a clean and upright environment for a financial power.
In the new version of the "National Nine Articles", it is clarified for the first time to strengthen the responsibility of the whole chain of issuance and listing, and establish a retrospective accountability mechanism for review. "This is the mainland's capital market listing high standards, strict supervision, accountability for lifelong system of innovative policy design," Song Xiangqing said, "the purpose of the policy is to establish a standardized, procedural, institutionalized and lifelong accountability of the new listing and issuance system, through the high standards and strict requirements of the listing review, to prevent non-excellent enterprises from entering the stock market, to promote the capital market to have better investment value, so as to optimize the investment and financing environment of the capital market, so that the capital market from the financing function to a new platform with both financing and investment functions."
"Accelerate the formation of a normalized delisting pattern that should be withdrawn and cleared in a timely manner" shows that "should be withdrawn as much as possible" and "cleared in a timely manner" is the core, indicating that the future capital market supervision will be "no longer merciless" and "no longer leave room for delisting", and it must be delisted if it meets the delisting conditions, and the delisting standard is rigid and is a mandatory implementation standard. At the same time, it is proposed to establish and improve the differentiated delisting standard system for different sectors, which is to scientifically set the applicable standards for delisting for innovative enterprises, cutting-edge technology enterprises, future industrial enterprises, etc., reflecting the more "soft" side of the new policy, and aims to guide the innovation and development of enterprises.
The new version of the "National Nine Articles" proposes to further reduce the value of "shell" resources and increase the supervision of "backdoor listing". It reflects the policy direction of the state on the reuse of "shell" resources, emphasizing that the main business of "backdoor" enterprises must be highly consistent with the main business of the original "shell" enterprises, at least maintain a high degree of relevance, and cannot be listed and financed in violation of regulations "shell" and "illegal backdoor", and the phenomenon of similar cement enterprises borrowing the "shell" of food enterprises to achieve listing in the past is unlikely to appear again.
Strengthening the supervision of high-frequency quantitative trading, and seriously investigating and dealing with illegal activities such as manipulating the market and malicious short-selling reflects the basic requirements of the state to restore and establish a good ecology of the capital market, and guides institutional and individual investors to coexist and grow together in a virtuous cycle of the capital market ecological environment, which is conducive to the long-term and short-term all kinds of funds to get their place, and is conducive to the mutual achievement of issuers, investors, regulatory departments and other capital market participants.
Energizing the market: Accelerate ETF approvals and promote the entry of medium and long-term funds into the market
According to the China Statistical Yearbook of the National Bureau of Statistics, in recent years, domestic residents' savings have continued to grow rapidly against the backdrop of declining bank deposit rates.
In the new version of the "National Nine Articles", there are many measures to awaken the enthusiasm of the capital market. Establish a fast approval channel for exchange-traded funds (ETFs), steadily reduce the comprehensive fee rate of the mutual fund industry, and promote the entry of medium and long-term funds into the market...... Song Xiangqing believes that these policies are favorable to ordinary investors and are conducive to awakening the interest of ordinary investors in entering the capital market.
"At present, the reason why the national savings rate is still high is mainly because the previous capital market trend can not arouse the interest of ordinary investors, coupled with their lack of professionalism in capital market investment, in the case of uncertainty about the future of life, old age, sickness and death, they choose to deposit funds in the bank and bear depreciation losses, in order to stabilize the emergency, rather than risk entering the capital market. Song Xiangqing believes that the new version of the "National Nine Articles" is to protect the rights and interests of investors, but also to encourage the capital market, is to find a new investment gap for idle social funds.
Source: Dahe Daily Yu Video Editor: Yu Xin