Revitalizing the Market and Enhancing Confidence: China Securities Regulatory Commission's Multi terminal Comprehensive Measures
2023-07-26
From July 24 to 25, the China Securities Regulatory Commission held the 2023 System Mid year Work Forum, and Yi Huiman, Secretary of the Party Committee and Chairman of the Securities Regulatory Commission, delivered a work report entitled "Firm Confidence, Strive for Progress in Stability, and Strive to Promote the Construction of Modern Capital Market with Chinese Characteristics". The meeting pointed out that comprehensive measures should be taken from the investment side, financing side, trading side, and other aspects, and coordinated efforts should be made to further stimulate the vitality of the capital market and enhance its functions. The China Securities Regulatory Commission stated that the Central Politburo meeting proposed to "revitalize the capital market and boost investor confidence", reflecting the Party Central Committee's high importance and earnest expectations for the capital market. The China Securities Regulatory Commission system should effectively integrate ideas and actions into the scientific judgment and decision-making deployment of the Party Central Committee on the situation, comprehensively implement policies from investment, financing, trading, and other aspects, and work together to ensure that the Party Central Committee's major policies are fully implemented in the capital market field. The meeting emphasized that in the second half of the year, we should combine the actual situation of the capital market, grasp the four principles of boosting confidence, maintaining composure, adhering to stability, and improving work style, further stimulate the vitality of the capital market, enhance its functions, and better serve high-quality development. Focus on six tasks. One is to further highlight the importance of stability and seeking progress while maintaining stability. Adhere to market stability, functional stability, and policy stability to promote expected stability. Scientifically and reasonably maintain the normalization of IPO and refinancing, and make overall plans for the Dynamic equilibrium of the primary and secondary markets. Improve the accountability system for preventing, warning, and handling capital market risks, and effectively maintain the smooth operation of the market. Seriously implement the Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of Private Economy, support private enterprises to achieve high-quality development through the capital market, improve the normalized regulatory level of platform enterprises, and promote the standardized, healthy, and sustainable development of platform enterprises. The second is to further improve the quality and efficiency of major national strategies. Implement the "Action Plan for Increasing Efforts to Support Financing of Technology Based Enterprises" approved by the Executive Meeting of the State Council, focus on improving the institutional mechanisms for supporting high-quality technology based enterprises, adhere to the positioning of the Science and Technology Innovation Board and the Growth Enterprise Board, and further improve the accuracy of services. Promote the coordinated development of corporate bonds and corporate bonds, optimize and strengthen science and technology innovation bonds, and accelerate the implementation of new types of public REITs projects such as consumer infrastructure. Further enhance the functionality of the futures market and better serve the overall stable operation of the economy. The third is to further deepen the reform and opening up of the capital market. We will deepen and implement the registration system reform, and solidly promote investment side reform and regulatory transformation. High quality construction of the Beijing Stock Exchange, integrated strengthening of the cultivation function of the New Third Board market, and creating a main battlefield for serving innovative small and medium-sized enterprises. We will coordinate openness and security, do a good job in managing the filing of overseas listings, and launch more "green light" cases. The fourth is to further increase the efforts to prevent and crack down on counterfeit goods in the capital market. Strengthen penetration supervision, explore the use of more modern technological means, and enhance the ability to discover problem clues. Strengthen the responsibility of intermediary institutions such as accounting firms and law firms to ensure compliance, and increase the punishment for third-party cooperation in fraud. Strengthen cross departmental collaboration, enhance the joint efforts to crack down on systematic and organized fraud, investigate and punish typical illegal cases strictly, quickly, and seriously, and further create a good market ecology that respects the rule of law. The fifth is to adhere to the main responsibility and business of supervision. Fully implement the supervision and management of private investment funds
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Economic Information Daily
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