The China Securities Regulatory Commission speaks up! Clarify the Six Key Tasks | Capital Markets | China Securities Regulatory Commission
On July 25th, the China Securities Regulatory Commission (CSRC) announced that from July 24th to 25th, the CSRC held a symposium on the mid year work of the 2023 system.
The meeting was guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, conscientiously studied and implemented the spirit of the Politburo meeting, implemented the decisions and deployments of the Party Central Committee and the State Council, summarized work, analyzed the situation, and studied and deployed key tasks in the second half of the year. Yi Huiman, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission, made a work report entitled "Strengthen Confidence and Strive to Promote the Construction of a Modern Capital Market with Chinese Characteristics.
The meeting emphasized that in order to do a good job in the second half of the year, we must resolutely implement the spirit of the Central Political Bureau meeting, combine with 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 function, and better serve high-quality development. We will focus on further highlighting the importance of stability, seeking progress while maintaining stability, and improving the quality and efficiency of serving major national strategies.
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Scientifically and reasonably maintain the normalization of IPO and refinancing, and coordinate the dynamic balance of the primary and secondary markets
Strengthen the responsibility of intermediary agencies such as accounting firms and law firms to control fraud, and increase the punishment for third-party cooperation in fraud
Urgently promote the landing of new types of public REITs projects such as consumer infrastructure
Promote the deepening and implementation of registration system reform, and solidly promote investment side reform and regulatory transformation
Adhere to the linkage between stocks and bonds, and continue to maintain the stability of financing channels in the real estate capital market
Focus on six aspects of work
The meeting emphasized that in order to do a good job in the second half of the year, we must resolutely implement the spirit of the Central Political Bureau meeting, combine it with 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 function, and better serve high-quality development. Focus on the following 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 coordinate the dynamic balance of the primary and secondary markets. Establish a sound system of accountability for risk prevention, early warning, and disposal in the capital market, 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 the private economy, support private enterprises to achieve high-quality development through the capital market, improve the level of normalized supervision of platform enterprises, and promote the standardized, healthy, and sustainable development of platform enterprises.
The second is to further enhance the quality and efficiency of serving major national strategies. Implement the Action Plan for Strengthening Support for Financing of Science and Technology Enterprises approved by the State Council Executive Meeting, focus on improving the institutional mechanisms for supporting high-quality science and technology enterprises, adhere to the positioning of the Science and Technology Innovation Board and the Growth Enterprise Market, 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 functions 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, strengthening the cultivation function of the New Third Board market, and creating a main battlefield for serving innovative small and medium-sized enterprises. Coordinate openness and security, do a good job in the management of overseas listing filing, and launch more "green light" cases.
Fourthly, we will further increase the efforts to prevent and combat counterfeits 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 combat systematic and organized fraud, strictly, quickly, and severely investigate typical illegal cases, 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 Regulations on the Supervision and Administration of Private Investment Funds, improve supporting rules and mechanisms, implement differentiated regulatory arrangements for venture capital funds, and optimize the industry development environment. Deeply implement a new three-year action plan to promote the improvement of the quality of listed companies, improve the mechanism arrangement for promoting normalized dividend distribution, and urge listed companies to operate in a standardized and honest manner. Improve the regulatory system for industry institutions, strengthen the construction of industry culture, promote the improvement of long-term incentive and constraint mechanisms, and promote the high-quality development of industry institutions. Strengthen regulatory coordination, adhere to the concept of "big insurance" throughout all aspects of the capital market work process, and protect the legitimate rights and interests of investors in accordance with the law.
Six is to firmly guard the bottom line of risks. We will fully implement the deployment of the Party Central Committee and the State Council to promote the stable and healthy development of the real estate market, effectively prevent and resolve local debt risks, and so on. Adhere to the linkage between stocks and bonds, and continue to maintain the stability of financing channels in the real estate capital market. Continue to orderly promote the prevention and resolution of risks in the gold exchange and "fake gold exchange", and increase efforts to crack down on illegal securities activities.
Deepen the normalization and long-term effectiveness of central inspection and rectification, deepen the implementation of institutional mechanisms and anti-corruption measures, strengthen the implementation of the spirit of the eight point regulations of the central government, strictly enforce financial and economic discipline, and promote the "three non corruption" policy in a unified manner. Maintain a high-pressure situation against corruption, and continue to consolidate the atmosphere of comprehensive and strict governance of the Party. Solidly promote the implementation of institutional reform tasks, further strengthen the construction of leadership teams and cadres at all levels, enhance sense of responsibility, enhance sense of urgency, and effectively enhance the ability to creatively grasp and implement. With more powerful actions and practical results, firmly support the "two establishment" and practice the "two maintenance".
Comprehensive implementation of policies from investment, financing, and trading perspectives
The meeting believes that since the beginning of this year, China's economy has continued to recover, with an overall recovery and solid progress in high-quality development. The just held Central Politburo meeting led the way and analyzed the current economic situation in depth. A systematic deployment was made around expanding domestic demand, boosting confidence, and preventing risks to do a good job in economic work in the second half of the year. It emphasized the need to make good use of policy space, find the right direction for development, strengthen countercyclical adjustment and policy reserves, vigorously promote the construction of a modern industrial system, continue to deepen reform and opening up, effectively prevent and resolve risks in key areas such as real estate and local debt, and increase efforts to ensure people's livelihoods. A set of "combination punches" was accurately and effectively launched, conveying a strong policy signal.
The meeting believes that the proposal of the Central Political Bureau meeting to "activate the capital market and boost investor confidence" reflects the high attention and earnest expectations of the Party Central Committee on the capital market. The China Securities Regulatory Commission (CSRC) system should effectively unify its thoughts and actions with the Party Central Committee's scientific judgment and decision-making deployment of the situation, comprehensively implement policies from the investment, financing, and trading sides, and work together to ensure that the Party Central Committee's major policies are fully implemented in the capital market field.
Especially with the successful implementation of the comprehensive stock issuance registration system, the smooth transition of corporate bond responsibilities, and the effective functioning of the capital market. The Regulations on the Supervision and Administration of Private Investment Funds have been officially released, the overseas listing filing management system has been implemented, and the reform of the independent director system for listed companies has been smoothly promoted. The risks in key areas such as bond defaults, private equity funds, and local trading venues continue to converge. The "zero tolerance" law enforcement deterrence continues to strengthen, the market ecology continues to optimize, and a number of typical cases with adverse effects and high social attention are investigated and dealt with in accordance with the law. Compulsory delisting and three-dimensional accountability are implemented. The Party building of the China Securities Regulatory Commission system has been deeply promoted, highlighting the strengthening of political leadership, solidly promoting the comprehensive strict governance of the Party, the fight against corruption, and the normalization and long-term effectiveness of central inspection and rectification. The leadership team and cadre team have been comprehensively strengthened, providing strong political guarantees for the reform, development, and stability of the capital market.
