It is the unshirkable responsibility of the capital market. Wu Qing: Serving the development of new quality productivity
On June 19, at the 2024 Lujiazui Forum, Wu Qing, Chairman of the China Securities Regulatory Commission, expressed the need to actively embrace the development of new quality productivity.
"Serving the development of new productivity is the capital market's unshirkable responsibility and a rare opportunity." He introduced that in the next step of work, the first is to improve the coverage and accuracy of multi-level market services. The development of new productivity not only includes the cultivation and expansion of emerging industries, the layout and construction of future industries, but also the transformation and upgrading of traditional industries. The top priority is to conduct in-depth research on the characteristics, development laws and needs of relevant enterprises in terms of investment and financing, incentives and constraints, and corporate governance, and to enrich the tools, products and services of the capital market in a targeted manner. The second is to strengthen patient capital. Technological innovation is the core element of the development of new productivity. Technological innovation enterprises usually have the characteristics of high investment, long cycle, and great operating uncertainty, which are highly consistent with patient capital that adheres to "long-termism" in nature. We will work with relevant parties to actively create conditions to attract more medium- and long-term funds to enter the capital market, optimize support policies around the entire chain of "raising, investing, managing and exiting" of venture capital and private equity investment, guide better investment in early, small and hard technology, and promote the virtuous cycle of "technology-industry-finance". The third is to solve the problem of inclusive innovation from the perspective of institutional mechanisms and concepts. Innovation is essentially an exploration of unknown areas. Only by creating a good atmosphere that encourages innovation and tolerates failure can we promote the vigorous development of new quality productivity. This requires all parties to build consensus and clear the bottlenecks. This year marks the 5th anniversary of the establishment of the Science and Technology Innovation Board. Over the past 5 years, the reform effects of the Science and Technology Innovation Board and the registration system have continued to expand. We will release 8 measures to deepen the reform of the Science and Technology Innovation Board, further highlight the "hard technology" characteristics of the Science and Technology Innovation Board, and improve the issuance and underwriting, mergers and acquisitions, equity incentives, transactions and other institutional mechanisms to better serve scientific and technological innovation and the development of new quality productivity.
