Zhou Xiaochuan: Deepening Financial Opening And Promoting Stock Issue Registration System Reform

Since the reform and opening up, we have unswervingly promoted the reform of the "a href=" http://www.91se91.com/news/ "financial" /a "reform, basically established a financial system that is compatible with the socialist market economy. The ability of the financial sector to allocate resources and services to the real economy has increased substantially, and the overall strength and risk resilience have been significantly improved. The scientific, forward-looking and effective financial macro-control has been steadily enhanced. It has successfully withstood the severe test of the international financial crisis, and has made important contributions to the sustained and healthy development of China's economy." P "

For a long time to come, China's economic and social development will still be in an important period of strategic opportunities. It will face both opportunities and risks.

To do a good job in financial work in the coming period, the key is to firmly grasp the essential requirements of the financial services entity economy, adhere to the reform orientation of market allocation of financial resources, and adhere to the development concept of coordination between innovation and supervision.

In accordance with the decision of the plenary session, the financial system should comprehensively promote financial reform, opening up and development, and accelerate the improvement of a modern financial market system with a complete variety, reasonable structure, efficient service, and safety and stability.

< /p >

< p > < strong > build a more competitive and inclusive financial services industry < /strong > /p >

< p > expand the financial industry to open to the outside world. Under the premise of strengthening supervision, we should allow qualified private capital to initiate the establishment of small and medium-sized banks and other financial institutions in accordance with the law.

Practise the party's mass line and develop Inclusive Finance.

< /p >

< p > expanding the financial industry to opening up to the outside world.

At a larger and higher level, we should improve the allocation of resources, enhance the quality of financial services, enhance the competitiveness of the financial sector, promote the cross-border use of RMB and the construction of international financial centers, promote economic pformation, and promote the upgrading of China's economy.

We should further expand the opening up of the financial sector and gradually follow the new open mode such as the national treatment before admission and the "negative list", so as to achieve a high level of opening up to the financial services industry.

< /p >

< p > under the premise of strengthening supervision, we should allow qualified private capital to initiate the establishment of small and medium-sized banks and other financial institutions in accordance with the law.

In accordance with the requirements of the third Plenary Session of the 18th CPC Central Committee, we must establish a fair, open and pparent market rule, implement a unified market access system, and encourage and guide private capital to enter the financial services sector.

The financial industry, as a competitive service industry, should also provide a fair competitive market environment for all kinds of investment entities in accordance with the "negative list" access system and the expansion of the service industry's opening requirements.

Under the premise of strengthening supervision, allowing qualified private capital to initiate the establishment of small and medium-sized banks and other financial institutions in accordance with the law, will provide the necessary competitive financial supply for the real economy, and solve the problem of insufficient supply of financial services in some grass-roots areas and small and micro enterprises.

< /p >

< p > improve the modern financial enterprise system.

We should further enhance the governance level of state-owned financial institutions, relax restrictions on private capital and foreign capital entering into financial services, optimize the ownership structure, implement more market-oriented management selection methods, reduce administrative appointments, and establish healthy management incentives to ensure that executives are mainly targeted at shareholders' interests.

We should improve the governance of financial Institutional Firms, form an effective decision-making, enforcement and balancing mechanism, and really implement the requirements of corporate governance in daily management and risk control.

We should establish an effective selection and employment mechanism, strengthen the building of financial contingent, and comprehensively improve the quality and professional ethics of employees.

We should explore the establishment of a standardized and effective incentive and restraint mechanism including the salary system.

We should promote the reform of policy oriented financial institutions.

The development stage of China determines that there is still demand for policy finance in China at present and in the future.

Since the establishment of China's policy oriented financial institutions, a lot of work has been done and remarkable achievements have been made. It also ensures that commercial financial institutions no longer undertake policy business. At the same time, there are still some problems such as imperfect corporate governance, unclear business and financial rules, imperfect mechanism of restriction, and low sustainability.

< /p >

< p > develop Inclusive Finance.

We should adhere to the priority of people's livelihood in finance and meet the growing financial needs of the people, so that financial reform and development will benefit more and better all regions, especially the poverty-stricken areas, and benefit all groups and achieve sustainable development of the financial sector.

Moderately relax market access and support the development of small financial institutions.

We should strengthen policy guidance and encourage financial institutions to increase support for weak links in economic and social development.

We should vigorously develop diversified financing methods, standardize the development of private lending, and expand diversified financing channels for small and micro enterprises.

We should encourage innovation in financial products and tools and expand the coverage and penetration of financial services.

We should strengthen the construction of financial infrastructure and raise the level of modernization of financial services.

We should promote the construction of credit system, further optimize the financial services ecological environment of small and micro enterprises, strengthen financial consumer protection and financial knowledge popularization education.

< /p >

< p > < strong > sound multi-level a href= "http://www.91se91.com/news/" > capital market < /a > system < /strong > /p >

< p > to increase the proportion of direct financing, we should promote the reform of stock issuing registration system, promote equity financing through various channels, develop and standardize the bond market, improve the insurance market, encourage financial innovation, and enrich the level and products of the financial market.

< /p >

< p > raise the proportion of direct financing.

We should continue to adhere to the essential requirements of serving the real economy, vigorously promote the pformation of economic development mode and economic restructuring, vigorously develop the stock market, bond market and other capital markets, expand the direct financing channels for enterprises, optimize the social financing structure, adhere to the direction of market-oriented reform, strive to reduce unnecessary administrative control, stimulate market power and internal vitality, vigorously cultivate business credit, persist in respecting the objective laws of market development, vigorously develop all kinds of institutional investors, promote hierarchical and complementary functions of the OTC market and market, promote the diversification of financial markets, financial products, investors and financing intermediaries, adhere to the concept of standardized development, strengthen market constraints and risk sharing mechanisms, further enhance the pparency of market operation, and improve relevant legal framework, financial regulatory framework, regulatory framework, fiscal and taxation policies and so on.

< /p >

< p > promote the reform of stock issuing registration system.

With the full disclosure of information as the core, in the process of stock issuance, we should reduce the substantive audit and value judgment of the securities regulatory authorities on issuers' qualifications, weaken administrative examination and approval, enhance the flexibility and flexibility of the issuing system, reduce the cost of issuing shares, and raise the efficiency of financing.

We should strengthen supervision in matters and afterwards, improve various civil and criminal accountability systems, and effectively curb fraudulent listing.

We should further improve the delisting system of listed companies and improve the quality of listed companies through survival of the fittest.

We should intensify the crackdown on illegal activities such as false statements, market manipulation and insider trading, and strengthen the market discipline and integrity constraints of market participants and other market participants, so as to promote the participation of all parties in the market to fulfill their duties, protect the legitimate rights and interests of investors, and safeguard the "three principles" of the securities market.

< /p >

< p > promoting equity financing through multiple channels.

While continuing to improve the motherboard, SME board and growth enterprise market, we will continue to push forward the construction of the third board equity market.

We should accelerate the improvement of the SME equity market with institutional and public pfers, establish and improve institutional arrangements for market makers, directional issuance, mergers and acquisitions, enrich the financing tools and types of pactions, and enhance the capabilities of serving SMEs.

Each province (city or region) can establish a regional equity market under the unified institutional framework and the needs of regional economic development.

We should actively guide the healthy development of private equity funds and venture capital funds, and support the equity financing of innovative and growing enterprises.

We should establish and improve the differential system arrangement and unified registration and settlement platform among different levels of market, and promote the formation of an organic linked stock market system.

< /p >

< p > developing and standardizing the bond market.

We should steadily expand the scale of the bond market, promote the innovation and diversification of financial products, and intensify the development of asset securitization.

We should discuss municipal bonds and improve the financing mechanism of urbanization.

We should develop small and medium-sized enterprises to collect bonds, private debt and other financing tools, broaden the financing channels for enterprises, and increase support for the real economy.

We should give full play to the inter agency coordination mechanism of corporate credit bonds, strengthen the coordination and cooperation between the bond management departments, improve the information disclosure standards, and implement the regulatory responsibilities.

We should strengthen the infrastructure construction of the bond market and further promote the coordinated development of the interbank market and the exchange market.

We will steadily promote the opening up of the bond market.

< /p >

< p > improve the insurance economic compensation mechanism and establish catastrophe insurance system.

We should improve the insurance economic compensation mechanism and study the establishment of a guarantee fund for professional intermediaries.

We should promote the legislative process of catastrophe insurance, define the scope of catastrophe insurance, and establish a multi-level catastrophe insurance system with government promotion, market operation and risk sharing.

Clear the position of the government and the market and encourage Business insurance company to operate catastrophe insurance.

Taking risk sharing and grading burdens as the principles, we use reinsurance and capital markets, such as issuing catastrophe bonds, to spread catastrophe risk.

< /p >

< p > encourage financial innovation and enrich the level and products of the financial market.

Implementing the innovation driven development strategy, steadily promoting the innovation of financial market mechanism, organization, product and service mode, forming a long-term innovation mechanism, expanding the depth and breadth of the financial market development, enriching the level and products of the financial market, and striving to build a financial market system that is rich in variety, efficient and functional, and has a fairly large scale and is compatible with the socialist market economic system.

At the same time, we should always guard the risk through the whole process of financial innovation, deal with the relationship between innovation, development and risk, and prevent innovation that is aimed at avoiding regulation and leaving the needs of economic development.

< /p >

< p > strengthening the construction of financial infrastructure to ensure the safe and efficient operation of the financial market and the overall stability.

We should actively and steadily implement the "financial market infrastructure principles" jointly issued by relevant international organizations, and strengthen and improve the infrastructure construction of China's financial market.

We should steadily push forward the construction of financial market central counterparties, trading information reporting repositories and other systems and facilities, and improve the registration, trusteeship, trading, clearing and settlement system of financial products.

We should coordinate and coordinate the development of payment, settlement and settlement systems, and improve the payment, settlement and settlement laws and regulations.

We should further strengthen the data processing and pmission between the issuing system, trading system, clearing system, trusteeship settlement system, market members' internal systems and regulatory agencies, enhance the functions of the relevant infrastructure technology system, improve market pparency and operational efficiency, and ensure the safe and efficient operation of the financial market and the overall stability.

{page_break} < /p >

< p > < strong > steadily advancing a href= "http://www.91se91.com/news/" > exchange rate < /a > interest rate marketization reform < /strong > /p >

< p > the market plays a decisive role in the allocation of resources. Objectively, it is required to improve the mechanism that decides the price mainly by the market. Any market that can form a price will be handed over to the market, and the government will not interfere with it.

Interest rate and exchange rate as the important price of the factor market are the decisive factors for effective allocation of domestic and international funds.

Steadily pushing forward the marketization reform of exchange rate and interest rate will help to continuously optimize the efficiency of capital allocation, further enhance the decisive role of market allocation of resources, and accelerate the pformation of economic development mode and structural adjustment.

< /p >

< p > improve the formation mechanism of RMB exchange rate marketization.

We should continue to improve the formation mechanism of RMB exchange rate marketization, give full play to the fundamental role of market supply and demand in the formation of exchange rate, improve the allocation efficiency of domestic and foreign two kinds of resources, and promote the balance of international payments.

We should develop foreign exchange market, enrich foreign exchange products, expand the breadth and depth of foreign exchange market, and better meet the needs of enterprises and residents.

According to the development of foreign exchange market and the economic and financial situation, we should expand the floating range of RMB exchange rate in an orderly way, enhance the two-way floating elasticity of RMB exchange rate, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

To further play the role of market exchange rate, the central bank basically withdraws from normal market intervention and establishes a managed floating exchange rate system based on market supply and demand.

< /p >

< p > speed up the marketization of interest rates.

We must persist in establishing a sound interest rate formation mechanism determined by market supply and demand as the general direction, focusing on improving the market interest rate system and interest rate pmission mechanism, and improving the ability of the central bank's macroeconomic regulation and control to accelerate the reform of interest rate marketization.

In the near future, efforts should be made to improve the self-regulation mechanism of market interest rate pricing, improve the independent pricing ability of financial institutions, do a good job in the pricing of loan basic interest rates, provide reference for pricing credit products, promote the issuance and trading of interbank certificates of deposit, and gradually expand the market pricing range of financial products of financial institutions.

In the near and middle term, we should focus on fostering a more perfect market interest rate system, improve the interest rate control framework and interest rate pmission mechanism of the central bank.

In the medium term, we should fully realize the marketization of interest rates and improve the macro-control mechanism of market-based interest rates.

< /p >

< p > improving the yield curve of treasury bonds reflecting market supply and demand.

The yield curve is the main rate of return in the fixed income market, which reflects the distribution of the risk-free rate benchmark over various maturities.

On this basis, all other fixed income products have a risk premium.

At present, the Treasury bond yield curve in China's financial market needs to be improved in terms of accuracy, authority and integrity.

As China's financial macro-control gradually changes from quantity control to price control and interest rate marketization reform, it is necessary to improve the yield curve reflecting the market benchmark and further play the important role of the yield curve in the allocation of financial resources.

We should improve the issuance of treasury bonds, optimize the term structure of treasury bonds, improve the bond market making support mechanism, improve market liquidity, further enrich the types of investors, steadily increase the degree of opening up to the outside world, reduce the proportion of investors such as banks and insurance institutions, such as buying and holding the main purpose of maturity, and increase paction demand; improve the curve compilation technology, and intensify publicity and application promotion.

< /p >

< p > < strong > accelerate the realization of RMB capital account convertibility < /strong > < /p >.

The promotion of RMB capital account convertibility is an essential requirement for the construction of an open economic new system. The fundamental purpose is to facilitate trade and investment facilitation, create favorable conditions for expanding the investment of enterprises and individuals, establishing the status of enterprises and individuals as the main body of foreign investment, and further accelerate the development of cross-border financial businesses, reflect the financial support for the development of the real economy, implement the strategy of going out, speed up the adjustment of the economic structure and the pformation and upgrading of the P industry.

We should seize the favorable time window for RMB capital account convertibility, and accelerate the realization of RMB capital account convertibility on the basis of coordinating domestic demand and international situation.

< /p >

< p > pforming the management mode of cross border capital flow and facilitating enterprises to go out.

We should further change the way of foreign exchange management and facilitate the facilitation of foreign investment.

To reduce administrative examination and approval in foreign exchange management, change from heavy administrative examination and approval to re monitoring and analysis, change from heavy micro control to heavy macro Prudential Management, and turn from "positive list" to "negative list".

It is convenient for enterprises to conduct investment and financing in the process of going out, and gradually improve the convenience of domestic enterprises to provide RMB and foreign currency loans and financing guarantees to overseas, and increase the support for enterprises to go out.

< /p >

< p > to promote two-way opening of capital market and orderly increase cross border capital and financial paction convertibility.

We should further expand the qualification of qualified domestic institutional investors (QDII) and qualified foreign institutional investors (QFII) and increase the investment quota.

When conditions are ripe, the qualification and quota of qualified domestic institutional investors and qualified foreign institutional investors shall be abolished, and the relevant investment facilities shall be extended to all legitimate institutions both inside and outside the country.

We should study the establishment of an interoperability mechanism between domestic and foreign stock markets, and gradually allow qualified overseas companies to issue shares in the domestic capital market and broaden the investment channels for residents.

Under the premise of establishing relevant management system, we should relax the qualification restrictions for issuing RMB bonds by foreign institutions in China.

In order to raise the convertibility level of individual capital items in an orderly way, we should further improve the degree of convertibility and facilitation of direct investment, direct investment liquidation and credit, and promote the convertibility of derivative financial instruments under the premise of management.

< /p >

< p > establish and improve the foreign debt and capital flow management system under the framework of macro Prudential Management.

A macro Prudential policy framework for external debt and capital flows should be established to improve the level of risk management under convertibility.

Considering the matching of assets, liabilities, currencies and periods, we should reasonably control the scale of foreign debts, optimize the structure of foreign debts, do well in monitoring foreign debts, and guard against the risks of foreign debts.

We should strengthen the management of anti money laundering and anti terrorist financing, maintain a high pressure policy on cross-border flows of illegal funds, and prevent excessive use of tax havens.

We should strengthen the monitoring of short-term speculative capital flows, especially financial derivatives pactions.

While encouraging reasonable innovation, we must restrict the complex financial derivatives which are seriously out of line with the real economy, adhere to the principle of financial innovation serving the real economy, and promote the supervision reform of OTC financial derivatives market in accordance with the latest international standards.

In case of emergency, temporary management measures can be adopted for capital flows.

We should establish and improve the relevant monitoring system so as to achieve the unification of capital cross border flow facilitation and the collection of effective information.

< /p >

< p > perfecting financial supervision < /p >

< p > strengthening and improving financial supervision, adopting comprehensive measures to maintain financial stability and firmly keeping the bottom line of systematic and regional financial risks.

< /p >

< p > implement financial supervision reform measures and sound standards.

We should perfect the counter cyclical capital requirements and systemically important bank supplementary capital requirements, timely introduce new regulations on international banking liquidity and leverage ratio, and improve the banking industry's robustness standards.

According to the structure and characteristics of China's financial market, we should refine the classification standard of financial institutions, unify regulatory policies, reduce regulatory arbitrage, and make up for regulatory vacuum.

We should optimize the allocation of resources for financial supervision, clarify the supervisory responsibilities and rules for cross financial businesses and financial holding companies, and enhance the pertinence and effectiveness of supervision.

< /p >

< p > perfect supervision and coordination mechanism.

We should give full play to the functions of the inter ministerial joint conference system of financial supervision and coordination, and constantly improve the level of standardization and institutionalization of supervision and coordination work. We should focus on strengthening the coordination of monetary policy and financial supervision policy, cross financial products and cross market financial innovation, and achieve financial information sharing, reduce regulatory vacuum and regulatory duplication, and form a regulatory force.

< /p >

< p > define the responsibilities of central and local financial regulatory responsibilities and risk disposal.

We must adhere to the central financial management department's unified management of the financial industry and guide local governments to perform relevant functions in accordance with the principle of "regionally".

We should make clear the responsibilities of local governments in supervising and managing local financial institutions and financial markets, as well as their responsibilities in dealing with local financial risks, strengthen routine supervision, reduce administrative intervention, increase the crackdown on illegal financial activities, and promptly and effectively handle the sudden incidents of financial industry in the area, and improve the financial ecology of the region.

We should standardize the responsibilities of local governments to investors of financial institutions and avoid administrative interference in commercial activities of financial institutions.

< /p >

< p > establishing a deposit insurance system.

We should accelerate the establishment of a deposit insurance system with perfect functions, unified powers and responsibilities, and effective operation, so as to promote the formation of a market-based financial risk prevention and disposal mechanism.

The deposit insurance system should cover all depository financial institutions, implement the limited payment and risk based differential rate mechanism, establish funds accumulated before the event, and have the basic responsibilities of information collection and verification, early correction and risk disposal, etc., so as to link up with the existing financial stability mechanism, prevent and defuse financial risks in time, and maintain financial stability.

< /p >

< p > improve the market withdrawal mechanism of financial institutions.

By making clear the exit rules of financial institutions when they fail in operation, including risk compensation and sharing mechanism, we should strengthen the protection of depositors and effectively prevent bank runs.

We should further clarify the boundaries between the government and the market, strengthen market discipline, prevent moral hazard, and fundamentally prevent the accumulation of risks in the financial system.

< /p >