The Third Plenary Session Will Boost The Top-Level Design Of The Capital Market And Protect The Interests Of Investors.

< p > < strong > the development of capital market is close to the overall economic situation < /strong > < /p >

< p > although the three plenary session of the third plenary session has different statements on the capital market, the general idea is closely linked with the overall economic situation.

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< p > the third Plenary Session of the 17th CPC Central Committee, the formulation of capital market is stable.

The meeting pointed out that we should maintain economic stability, financial stability, stable capital market, maintain overall social stability, do well in ensuring and improving people's livelihood, and continue to promote sound and rapid economic and social development.

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The decision of the Central Committee of the Communist Party of China on improving some aspects of the socialist market economic system has been clearly approved by P in the third Plenary Session of the 16th CPC Central Committee. It is clear that we should establish a multi-level capital market system, improve the capital market structure, and enrich the products of the capital market.

Standardize and develop the main board market, promote venture capital and growth enterprise market construction.

We should actively expand the bond market, improve and standardize the issuing procedures, and expand the scale of issuance of corporate bonds.

We should vigorously develop institutional investors and broaden the channels for compliance funds to enter the market.

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< p > establishing a unified interconnected securities market and improving the trading, registration and settlement system.

Accelerate the development of land, technology, labor and other factors market.

Standardize the development of property rights pactions.

We will actively develop property, life insurance and reinsurance markets.

We will steadily develop the futures market.

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< p > analysts believe that the decision to explain the capital market problem in such a large space is the first time in a major programmatic document concerning China's economic reform and development.

This is because, with the development of China's economy, the importance of capital market is gradually reflected. The demand for funds for economic development has become a burden that China's indirect financing can not bear, and we must vigorously promote direct financing.

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< p > although the related expressions in the third plenary session are quite different, it is easy to see that the importance of capital market is gradually increasing.

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< p > < strong > good pformation and upgrading article > /strong > /p >

< p > compared with five years ago, the domestic and international economic situation has undergone tremendous changes.

Because of this, the market is full of expectations for the third plenary session on the capital market, and hopes that the relevant expressions will be more generous, which will lay a policy framework for the development of capital market.

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< p > "pformation and upgrading is a major article in China's economy at present, and it is also the core issue of the real economy."

Analysts say that the situation of stabilizing the financial and capital markets is quite different from the impact on the external market five years ago. At present, the more pressing problem of our economy comes from how to "steady growth, adjust the structure and promote pformation". As an important part of the overall economic situation, the capital market must improve the construction of multi-level capital market and contribute to the realization of this goal.

"Not only the capital market, but also the development of the entire financial market." the third plenary session is expected to make relevant statements from the perspective of the capital market and even the financial market.

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< p > eighteen major reports have put forward "deepening the reform of the financial system, improving the modern financial system to promote macroeconomic stability and supporting the development of the real economy, and accelerating the development of a multi-level capital market".

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< p > the people concerned said that the third plenary session might continue this train of thought.

From this perspective, the capital market will support economic pformation and structural adjustment.

This can be seen from the recent initiatives and related expressions of the SFC.

Since the beginning of this year, the SFC has speeded up the construction of a multi-level capital market system, accelerated the development of SME boards and gem, launched pilot projects for the pfer of small and medium enterprises and private debt pilot of SMEs, and adopted the filing system for non-public offering bonds of unlisted SMEs.

But this is only part of the initiatives of the capital market to support the development of small and medium-sized enterprises.

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< p > first, the new three boards will be launched around the country, and on the basis of clearing and reorganizing various trading venues, the SFC will support securities companies to offer listed company recommendation and equity agency services through the regional equity pfer market for small and medium enterprises.

According to market participants, the total number of companies registered in accordance with the company law is nearly 100, which means that the scope of service in the capital market will be greatly expanded.

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< p > secondly, the SFC promotes the development of asset management, direct investment and asset securitization of securities companies to support the development of small and medium enterprises.

To carry out obstacles in the course of asset securitization and other business processes, the China Securities Journal reporter learned that the SFC is planning to further coordinate and improve relevant laws and regulations and tax policies, optimize the audit process, and continuously improve the efficiency of examination and approval under the premise of controllable risks.

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< p > in addition, since the beginning of this year, new varieties of futures such as eggs, steam coal and treasury bonds have emerged one after another. Next, the SFC will steadily push forward the innovation of commodity futures, so as to provide effective tools for small and micro enterprises to manage risks and find prices.

We should focus on guiding small and medium-sized agricultural enterprises to improve their risk management capabilities through futures business, such as cooperative hedging, pricing services and warehouse receipt services.

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< p > finally, the SFC will further improve its institutional arrangements for small and medium enterprises.

On the one hand, we will optimize the entry standards for gem, establish a refinancing rule system for gem, and form a "small, fast and flexible" financing mode suitable for small and medium enterprises. On the other hand, we will expand the scope of pilot projects for private SMEs, and better meet the financing needs of small and micro enterprises.

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< p > the SFC also plans to launch the directional issuance rules of non listed public companies, and timely introduce the management methods of mergers and acquisitions of non listed public companies, and support small and micro enterprises' equity financing, share pfer, asset restructuring and other activities.

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< p > < strong > maintaining fair market protection and protecting the interests of investors < /strong > < /p >

< p > analysts expect to push forward the construction of legal system, safeguard market fairness, protect investors' interests and resist financial risks, and so on, and are expected to become the Third Plenary Session of the third plenary session to discuss the development of capital market.

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< p > prior to this, the SFC spokesman responded to the market rumors that the Commission was deliberate on the "nine new countries". It said that the work arrangements of the State Council on various capital markets were being implemented urgently, while carrying out routine supervision work, we should carry out all kinds of long-term and strategic investigation and research, strengthen the top-level design, and push forward the development direction of marketization, legalization and internationalization.

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< p > market participants say that the task of legalization is arduous.

At present, the SFC is taking the lead in and participating in the revision of the securities law and the legislative work of the Futures Law of the finance and Economic Commission of the National People's Congress, and strives to include these two tasks in the legislative planning of the NPC next year.

The amendment of the securities law will broaden the scope of service and the innovation space of the capital market, which is of great significance to the real economy and the financial industry. However, this work is difficult to achieve overnight and will become one of the key tasks of the securities and Futures Commission in the next few years.

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Under the background of further promotion of the legal work such as the revision of the securities law and so on, the importance of protecting the interests of the investors to effectively safeguard the market equity is expected to be further promoted in the "P".

Xiao Gang, chairman of the securities and Futures Commission, has made it clear that it will "shift the focus of work to strengthen supervision and law enforcement and protect the legitimate rights and interests of investors, especially small and medium-sized investors".

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< p > analysts believe that it is easy to see that the strength and determination of the SFC to maintain fair market is not difficult to see in the cases of heavy law enforcement such as Wanfu Sheng Ke (300268, stock bar) and Everbright incident.

Behind the heavy law enforcement, besides protecting the interests of investors, it is closely related to safeguarding financial security. The Everbright incident shows that there are still loopholes in the financial sector.

In preventing loopholes, capital market tools such as treasury bonds and futures are expected to play a key role.

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< p > a more comprehensive top-level blueprint for the next step of the development of the capital market will be disclosed in the nine new countries that are in the process of brewing.

Apart from the above points, it will be an important part to make bigger and stronger institutions. At present, three major industries, including securities companies, funds and futures, are writing long-term plans for ten years.

Among them, the securities company planning said that the construction of a modern investment bank, proposed ten times ten times the growth target.

This will also become an important part of the long-term development of the capital market.

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