Zhou Xiaoquan | Create a full -factor trading market with world influence

For Shanghai's property rights and factor trading markets, creating a world -class strategic platform is to seize new development opportunities, continue to deepen the reform of "one -network transaction", and make greater contributions to innovative element resource allocation methods and promoting urban digital transformation.

The Twelfth Party Congress of Shanghai emphasized that it is necessary to promote Shanghai to integrate deeper into the global economic system and participate in global economic governance, so that more "Shanghai Index" and "Shanghai price" become the barometer of the world market, more "Shanghai Shanghai Standards "Shanghai Plan" has become the reference department of international rules and more "Shanghai Innovation" and "Shanghai Brand" to become a global golden business card. The energy level of "world influence" is significantly improved -achieving this goal requires creating a world -class strategic platform. For the Shanghai property rights and factor trading market, it is to seize new development opportunities and continue to deepen the "one network transaction" Reform has made greater contributions to the configuration method of innovative element resources and promoting the digital transformation of urban digitalization.

The "Shanghai Model" of the national factor market -oriented reform

The birth and development of Shanghai's property rights market is a new exploration that replaces administrative methods in a market -oriented manner. It is a Chinese plan that promotes the construction of multi -level capital markets and the innovation and development of all -element non -standard markets. Throughout the development process of Shanghai's property rights and factor trading markets, it can be roughly divided into three stages:

The first stage is the open and standardized place for serving state -owned property transactions. Since the establishment of the "Shanghai Urban and Rural Property Exchange" in January 1994, the Shanghai property market has developed with the advancement of state -owned enterprise reform. In March 1996, the Shanghai Urban -Rural Property Exchange was reorganized into the Shanghai Property Rights Exchange to explore a new way for serving the reform of state -owned state -owned enterprises and the preservation and value -added of state -owned assets to preserve and value preservation and appreciation.

The second stage is to become a multi -level capital market platform with basic, equity. In December 2003, the Shanghai Property Exchange and the Shanghai Technology Property Exchange were formed into the Shanghai United Property Exchange, achieving an important leap from the regional capital market to the national capital market. In August 2015, the Central Committee of the Communist Party of China issued the "Guiding Opinions on Deepening the Reform of State -owned Enterprises" and officially incorporated the property rights market and the securities market into the capital market. The Shanghai Property Rights Market has continued to improve the service level of the service market, continuously improves the multi -level capital market system, and has become an important platform for the configuration of factor resources with market -oriented means to lead the optimization and upgrading of the industrial structure.

The third stage is to fully build a comprehensive non -standard market trading platform. In December 2020, the Shanghai Stock Exchange added the Shanghai Public Resources Trading Center brand to optimize the configuration of various public resources through market -oriented operations, and actively created the "Shanghai model" of the market -oriented reform of the nation. In March 2021, the establishment of the Shanghai Stock Exchange Center was placed under the management of the Shanghai Stock Exchange, and the property right market and the regional equity market were empowering two -way empowerment, and they made every effort to build an important pagoda base in multi -level capital markets. In the first half of this year, Shanghai Union Credit Corporation officially opened. So far, the Shanghai property market has initially formed a comprehensive non -standard trading market system. The business scope has been expanded from traditional state -owned asset transactions to asset equity, financial assets, natural resources, environmental equity, and bidding procurement. 26 specific business types. In 2021, the scale of Shanghai's property rights and factor market transactions reached 1.16 trillion yuan (including the city's public resource transactions), becoming one of the largest domestic transactions, the most widely covered, and the best operation quality. Essence

Create the implementation path of the new highland of the full factor trading market

In recent years, from the "one -network transaction" of Shanghai's full factor in the market -oriented market -oriented "one -network transaction" from equity, property rights, creditor's rights, intellectual property, financial assets, and public resources to carbon transactions. Innovative element resource allocation methods and building a new highland of a full -factor trading market with world influence need to be developed from five aspects:

The first is to build a large market for high standards and full factor transactions and promote the market -oriented reform of factors. Integrate various factors trading markets in a market -oriented manner to form a "one -network transaction" of the full -factor market. Accelerate the establishment of an emerging factor market and create a unified comprehensive and all -factor market -oriented trading platform. We will improve the public service infrastructure of the factor trading market, effectively promote the efficient and smooth flow of various factors resources, and provide basic guarantees for the digital transformation of urban digitalization.

The second is to rely on the capital market positioning and service of the real economic functions, to play the role of property rights and factor markets in the multi -level capital market system. The non -standard capital and factor markets represented by the property rights market are the equity of nearly 40 million non -listed enterprises as well as hundreds of factors, technology, land, and data. An important part of construction. It is necessary to further supplement the shortcomings of the multi -level capital market system, and promote the reasonable and orderly flow and gathering of international and domestic capital assets and resource elements.

The third is to create a functional gathering platform for offshore financial centers and global asset management centers to serve the domestic and international dual -cycle strategies. On the one hand, standardized and expanded non -standard asset transactions across the country, the property rights market and the securities market two -wheel drive, non -standard market and standardized market effectively connected, and strengthening domestic financial cycles. On the other hand, relying on the in -depth openness of the Shanghai Free Trade Zone and institutional innovation, accelerate the construction of the Shanghai Global Asset Management Center, in -depth exploration of non -standard assets, and the implementation of alternative investment in cross -border and offshore fields to help the internationalization of the RMB and The implementation of national strategies such as the globalization of RMB assets and the construction of Shanghai International Financial Center. The fourth is to adhere to the deepening of the system from "local breakthrough" to the system, and focus on promoting the "one net" upgrade to the entire factor and full resource market -oriented market. The property rights market should take the pilot reform of the comprehensive reform of factor, continue to optimize the business environment, improve the efficiency of factor coordination, and use the market mechanism that builds high -efficiency flow and reasonable configuration as the focus of the system. At the same time, through the professional operating advantages of comprehensive trading platforms, promote the integration and development of public resource transactions and property rights markets, build a high -standard and full -factor market, provide Shanghai experience for comprehensive reform of factors in the country, and form a Shanghai plan.

Fifth, explore the development path of property rights and factor markets, and build an important engine for the allocation of domestic and international factors. In accordance with the business layout of the "Two Wings and Multi -Platforms", the Shanghai Stock Exchange uses the leader of the Yangtze River Delta regional integrated market in accordance with the group, large -scale and professional operating advantages, and actively builds high -efficiency and standardized, fair competition, fully open openness The large regional market has become a capital factor market platform that helps the country and Shanghai's strategic implementation and promotes the market -oriented and efficient allocation of resources and the important hub of the national non -standard trading market. By 2025, it echoes the standardized trading venues and will build a modern and all -element non -standard market trading group with international influence and radiation.

(The author is the party committee secretary and chairman of the Shanghai United Property Exchange)

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Author: Zhou Xiaoshi

Edit: Chen Yu

Editor -in -chief: Yang Yiqi

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*Wenhui exclusive manuscript, please indicate the source for reprinting.

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