To Solve The Problem Of Investors' Anxiety, Difficulties And Expectations

In the field of capital market, we are in-depth learning the spirit of the important speech on July 1.

On July 5, the Party committee of the China Securities Regulatory Commission thoroughly studied and implemented the spirit of the important speech made by General Secretary Xi Jinping at the 100th anniversary of the founding of the Communist Party of China, and proposed that the spirit of the important speech on July 1 should be closely combined with the understanding of the regularity of the reform and development process of the capital market, and with the work of reform, development and stability being promoted.

At the same time, the CSRC said that it would stand firmly in the position of the regulatory people, fully implement the task list of "I do practical things for the masses", and solve the urgent, difficult and anxious problems of a group of investors in accordance with the principle of "everyone cares, needs to be handled, and must be done well".

Capital market promotes the new situation of "two cycles"

"We should learn skills and create a new situation of reform and development." After studying the spirit of the important speech on July 1, the CSRC put forward such a plan for the development of the capital market.

To create a new situation of reform and development, the CSRC has clearly put forward "two cycles": one is to improve the ability to serve the high-quality development of the real economy, focus on the key tasks such as steadily increasing the proportion of direct financing, actively connect with the national key industries and regional development strategies, and promote a virtuous cycle of savings, investment and consumption; Second, it is necessary to improve the ability to support scientific and technological innovation, give better play to the unique mechanism advantages of capital market income sharing and risk sharing, and promote the high-level circulation of science and technology, capital and the real economy.

"The virtuous circle of savings, investment and consumption is a relationship of mutual influence, interdependence and mutual promotion, which is also the basis of domestic economic growth. These three can be transformed into each other. Savings are the driving force of consumption, and can also be transformed into future investment. After investment and consumption promote the growth of national economy, they will eventually be converted into the rise of wages and the increase of savings. " Chen Li, chief economist of Sichuan financial securities, explained why we should build a virtuous circle of promoting savings, investment and consumption.

On the other hand, to promote the high-level circulation of science and technology, capital and real economy is the key to achieve high-quality economic development in China. Through capital, scientific and technological innovation enterprises and the real economy become better and stronger, and then the real economy feeds back capital and society to realize a virtuous cycle.

At the same time, promoting the reform of the whole market registration system and realizing high-level opening-up are still regarded as the key points of the capital market reform in the next stage.

China Securities Regulatory Commission (CSRC) has proposed that we should improve our ability to promote further reform, make solid preparations for steadily promoting the reform of the whole market registration system, and strengthen the construction of the basic system of the capital market. At the same time, we should improve our ability to open to the outside world at a higher level, continue to steadily promote the institutional two-way opening of the capital market, and coordinate the relationship between opening up and risk prevention.

In this regard, Tian Lihui, President of the Institute of financial research of Nankai University, said that the "two cycles" proposed by the CSRC require a market-oriented registration system and a high level of opening to the outside world. The registration system has changed the problem of rent-seeking space under administrative examination and approval, and unblocked the path for enterprises to obtain capital or investment through the open market. The market-oriented registration system also promotes the optimization of capital allocation, so that investment can better find high-quality enterprise targets.

The high level of opening up can not only bring more capital for the virtuous circle of saving, investment and consumption, but also guide the benign competition of consumer enterprises and improve the quality of consumption. A high level of opening up can not only inject more capital into the circulation of science and technology and the real economy, but also help to introduce science and technology. Therefore, promoting the whole market registration system and opening up to the outside world at a high level is still the main work for the development of China's capital market in the future.

Solve the problem of a group of investors

In addition to exploring how to achieve high-quality development of the capital market, China Securities Regulatory Commission (CSRC) put forward for the first time the statement of "standing firm in the position of the regulatory people" after studying and implementing the spirit of the "July 1" important speech.

"We should fully implement the task list of" I do practical things for the masses "and, in accordance with the principle of" everyone cares, needs to be handled, and must be done well ", solidly solve the problems that a group of investors are anxious about and anxious about." The CSRC said.

Chen Li believes that it is urgent for investors to draw a clear line of responsibility and establish a sound investor compensation mechanism. When some listed companies make false disclosure or sponsors fail to fulfill their basic obligations, it is necessary to perfect the responsibility definition system and compensation mechanism.

Specifically, the CSRC proposes to fully implement the "zero tolerance" policy, promote the improvement of the securities law enforcement system and mechanism, innovate scientific and technological supervision means, crack down on vicious illegal behaviors strictly, and orderly promote the normalization of litigation of special representatives of securities disputes. In fact, as early as April this year, the first case of special representative litigation in China's capital market has been settled.

"To fully implement the" zero tolerance "policy, we need not only to increase the intensity of punishment, but also to enhance the difficulty of violating laws and regulations. At the same time, we should continue to increase the intensity of administrative punishment and coordinate the efficiency of criminal accountability, so as to form a three in one disciplinary structure of administration, civil and criminal law, so as to build a "dare not violate" situation. " Tian Lihui pointed out that the future supervision needs to start from the information disclosure standard, big data inspection, and the implementation of the responsibility of market entities to construct the fact that "can not be violated". At the same time, increase the education of market practitioners to achieve the ideal state of "do not want to violate".

In addition to continuing to implement the "zero tolerance" policy, the CSRC also proposed to comprehensively implement the requirements of risk prevention and keeping the bottom line, speed up the improvement of risk prevention, early warning, disposal and accountability mechanism, strictly control the entry of capital market, resolutely prevent the disordered expansion of capital, and prevent a few people from using the capital market to "create wealth" in violation of laws and regulations.

In February 2021, China Securities Regulatory Commission (CSRC) issued the guidelines on the application of regulatory rules on information disclosure of shareholders of enterprises applying for initial listing, which requires that "if the equity structure of an issuer's shareholders is more than two levels and is a company or limited partnership without actual business operations, if the transaction price of the shareholder's shares is obviously abnormal, The intermediary institution shall penetrate and verify the shareholder layer by layer to the ultimate holder ". After that, in May, the China Securities Regulatory Commission (CSRC) issued the guidelines on the supervision of shareholders of companies to be listed, which added to the supervision of shareholders of enterprises to be listed. It advocated that the system should be sharp and inward, and strictly prevent the employees who left the system from illegal "wealth creation".

"Since this year, the CSRC's penetrating inspection of shareholders of companies to be listed has caused some controversy in the market, but its determination of strict supervision has not changed. In the process of promoting the reform of the whole market registration system, it is also necessary to block the potential entry of illegal "wealth making" with high pressure There are senior investment banks in Beijing said.

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