CFIC Introduction
The key to promoting financial innovation and development on the track of marketization and rule of law is to handle the relationship between the government and the market.
Original title: The Theoretical Learning Center Group of the Party Committee of the China Securities Regulatory Commission wrote an article saying: Enhance the competitiveness of the capital market system and effectively support scientific and technological innovationThe Theoretical Learning Center Group of the Party Committee of the China Securities Regulatory Commission published a signed article entitled "Adhering to Promoting Financial Innovation and Development on the Track of Marketization and Rule of Law - Learning from Xi Jinping's Excerpts on Financial Work" in the People's Daily on April 22. The key to promoting financial innovation and development on the track of marketization and rule of law is to handle the relationship between the government and the market, and the China Securities Regulatory Commission will adhere to the market-oriented rule of law, strengthen supervision and risk prevention, and promote the high-quality development of the capital market. The article revealed that the China Securities Regulatory Commission will speed up the formulation and revision of laws and regulations such as the Securities Investment Fund Law, the Regulations on the Supervision of Listed Companies, the Regulations on the Supervision of Corporate Bonds, and the Regulations on the Management of Real Estate Investment Trusts, so as to greatly increase the cost of securities violations of laws and regulations. The article proposes that finance is an innovative and active industry, and financial innovation capability is an important soft power of a financial power. It should also be noted that driven by the profit-seeking nature of capital, financial innovation has two sides, and if it is left unchecked and allowed to develop in a disorderly manner, it may cause risks, cause chaos, and affect economic and social development. To promote the high-quality development of finance, we must deeply grasp the laws of financial development, adhere to integrity and innovation, adhere to marketization and rule of law, scientifically handle the relationship between development and regulation, innovation and supervision, guard the bottom line of risks, and ensure that financial innovation in the capital market always moves forward in the direction of better serving the needs of the real economy and the interests of the people. "The key to promoting the development of financial innovation on the track of marketization and rule of law is to handle the relationship between the government and the market. The article writes that the Party Committee of the China Securities Regulatory Commission deeply understands that to promote the development of financial innovation, we must give full play to the decisive role of the market in the allocation of resources, better play the role of the government, improve the rule of law, strengthen supervision, deepen reform, fully mobilize the enthusiasm and initiative of all parties in the market, further stimulate innovation vitality, and provide better financial services for high-quality economic and social development. First, we should continue to improve the system of financial laws and market rules. Efforts will be made to promote the construction of basic systems, and gradually build a legal system for the capital market that meets the requirements of the mainland's development stage. Second, we will continue to improve the efficiency of financial governance and supervision. It is necessary to strengthen the supervision of financial innovation and eliminate gaps and blind spots in a timely manner. Strictly strengthen supervision in accordance with the law, severely crack down on fraudulent issuance, financial fraud, market manipulation and other violations of laws and regulations, maintain the order of the "three publics" in the market, and effectively ensure the smooth and healthy operation of the capital market. The third is to deepen the supply-side structural reform of the financial sector. We must make good use of the key measure of reform, strive to break down relevant institutional and institutional obstacles, further improve the multi-level capital market system, promote the coordinated development of equity and bond periods, and continuously improve the quality and efficiency of high-quality development of capital market services. Serve the development of new quality productive forces", adhere to marketization and rule of law, strengthen supervision and risk prevention, and promote the high-quality development of the capital market. According to the article, the Party Committee of the China Securities Regulatory Commission will always adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Central Financial Work Conference, and thoroughly implement the "Several Opinions on Strengthening Supervision and Risk Prevention and Promoting the High-quality Development of the Capital Market" issued by the State Council. The article makes it clear that the China Securities Regulatory Commission will focus on four aspects of work around the overall goal of accelerating the construction of a safe, standardized, transparent, open, dynamic and resilient capital market. Enhance the inclusiveness and adaptability of the system and serve the development of new quality productivity. It is necessary to promote the better play of the function of the capital market, do a solid job in the "five major articles" of finance, adhere to the direction of market-oriented and law-based reform, promote the deepening and solidification of the stock issuance registration system, enhance the competitiveness of the capital market system, effectively support scientific and technological innovation, and enhance the inclusiveness of new industries, new forms of business and new technologies. Comprehensively strengthen supervision in accordance with the law, and more effectively protect the legitimate rights and interests of investors. Adhere to the political and people's nature of capital market supervision, adhere to the main responsibility and main business of supervision, comprehensively strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision and continuous supervision, and continuously improve the targeted and effective supervision of supervision. Implement the requirements of "long teeth and thorns" and angular supervision, severely punish all kinds of violations of laws and regulations with a "zero tolerance" attitude, strengthen regulatory deterrence, and purify the market ecology. We will accelerate the construction of an all-round and three-dimensional capital market supervision system from import, continuous supervision to export, to institutional supervision and transaction supervision, and actively and steadily promote financial innovation and the construction of regulatory capacity to match. Improve the accountability system for risk prevention, early warning and handling in the capital market. It is necessary to adhere to systematic thinking, bottom-line thinking, and limit thinking, coordinate development and security, openness and security, persist in using market-oriented and law-based means to prevent and resolve risks, further improve the basic system of the capital market, and effectively enhance the internal stability of the capital market. Strengthen the monitoring, early warning and early correction of capital market risks, and improve the risk assessment and feedback improvement mechanism for financial innovation activities in the capital market. Improve the accountability mechanism for capital market risks, and consolidate the responsibility for risk prevention and control. The article proposes that it is necessary to give better play to the role of the rule of law in the high-quality development of the capital market. Accelerate the formulation and revision of laws and regulations such as the Securities Investment Fund Law, the Regulations on the Supervision of Listed Companies, the Regulations on the Supervision of Corporate Bonds, and the Regulations on the Administration of Real Estate Investment Trusts, so as to significantly increase the cost of securities violations of laws and regulations. Strengthen the three-dimensional accountability of administrative, civil and criminal cases, increase the application of the special representative litigation system for securities disputes, provide a fair and orderly market environment for all types of entities, and promote the innovative development of the capital market with high-quality legal guarantees.
Source of this article: China Securities Journal, China Securities Network
Author: Zan Xiuli
WeChat editor: Wang Qian
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