The Deepening Of The Capital Market Reform Program Has Been Formed, A Shares Will Welcome A Series Of Good Profits.

Reporters today (August 25th) learned from the China Securities Regulatory Commission that the capital market deepening reform program has basically taken shape, and the A share market will soon usher in a series of big profits in a series of basic system reform, the rule of law guarantee, the quality of listed companies, and long-term capital market entry. The responsible person of the SFC also said that the escalation of Sino US trade friction was expected. The resilience of our capital market to external shocks is obviously enhanced. "We will remain committed, intensify reform, stimulate market vitality, and promote long-term stability and healthy development of the capital market."

In August 25th, the responsible person of the SFC held a meeting to discuss the overall plan for refining the capital market reform. The Secretary and chairman of the SFC Party Committee attached great importance to the reform work. In late March of this year, the SFC set up a comprehensive leading group for deepening the reform of the capital market, and formulated the corresponding working mechanism, and identified 11 key reform subjects. At present, the SFC Party committee has held more than 10 thematic meetings to study specific reform measures one by one, and the overall reform plan is basically formed.

It is understood that this reform will achieve substantial breakthroughs in many aspects, with many bright spots. Effective institutional arrangements to systematically promote the basic system reform of issuing, listing, trading, information disclosure, deepen the reform of the second board, speed up the reform of the new three boards, improve the multi-level market system, formulate and implement the action plan for improving the quality of listed companies, optimize the development of listed companies, and change the overall appearance of Listed Companies in 3 to 5 years; from the sources of funds, performance appraisal, investment channels, and regulatory arrangements, provide mechanism support for more medium and long term capital market; strive to establish a securities class action system with Chinese characteristics through the revision of securities law this year, promote the revision of criminal law, and substantially increase the illegal cost of illegal activities such as fraudulent issuance and listed companies' false disclosure, and resolutely crack down on illegal and illegal behaviors that tell falsehood and falsifying accounts. For example, we should give full play to the role of the Chuang Chuang board and gradually popularize the science and technology board.

In addition, a series of practical measures will also be launched in terms of compacting intermediary responsibilities, strengthening investor protection and expanding two-way opening of capital markets.

According to the introduction, the general idea of the reform is closely focused on "creating a standardized, transparent, open, dynamic and resilient capital market", with the establishment of the science and innovation board and the pilot registration system as a breakthrough point, optimizing the supply of capital market, promoting the key system innovation, and implementing the structural reform of the financial supply side with practical measures. The plan includes 4 main features: first, to implement more market-based institutional arrangements, to respect the laws of the market, to give full play to the decisive role of the market in the allocation of resources, to really give the option to the market; the two is to strengthen the rule of law in the capital market, to increase the supply of the rule of law, to increase the intensity of punishment, to allow the offenders to pay a heavy price; three, to accelerate the transformation of functions and improve the effectiveness of supervision; four, to learn the best practices in the world, to accelerate the opening of the capital market to a high level, and to promote reform by opening up.