There are three major characteristics of modern capital markets with Chinese characteristics

Recently, the chairman of the China Securities Regulatory Commission Yihui Manchu published an article entitled "Efforts to Build a Modern Capital Market with Chinese Characteristics" in the magazine of "Find". The regular issues of the formation and development of modern capital markets with Chinese characteristics and related policy issues that further strengthen market construction. The author believes that based on the reality of the development of my country's socialist market economy, in -depth implementation of new development concepts and serving the high -quality development of the economy, the capital market with Chinese characteristics should have the following three characteristics:

First, the capital market with Chinese characteristics is a market that is adapted to the socialist system with Chinese characteristics.

The leadership of the Communist Party of China is the most essential feature of socialism with Chinese characteristics and the biggest advantage of the socialist system with Chinese characteristics. The development of my country's capital market maintains the correct political direction, we must adhere to the party's comprehensive leadership. The implementation of the market construction practice is mainly reflected in the following three aspects: 1. The reform and development of the capital market and opening up to the outside world must focus on the overall situation of the party and the state work. It is necessary to combine its own development process with the development of the entire country. The current overall situation is to comprehensively build a socialist modern country, promote high -quality economic development, promote the structural reform of financial supply -side, implement an innovation -driven development strategy, continuously improve the comprehensive national strength, and maintain the overall security of the country. 2. The capital market should implement the "two unshakables", that is, to make bigger and stronger and stronger state -owned economies, encourage, support and guide the healthy development of the private economy, promote the common development of a variety of ownership economies, and allow various types of capital to in the capital market Right in accordance with the law, each shows its ability to provide high -quality financing services for the development of the real economy. 3. We must adhere to the development of the people. In terms of listed companies, securities institutions, investment entities, industry associations, and other aspects and levels, adhere to the basic concepts of market development to promote people's livelihood for the people and market development, create and maintain a fair competition market environment, encourage market entities to be stable economy for the stable economy, Develop, promote innovation -driven, enhance the well -being of people's livelihood, and improve the competitiveness of the country, and encourage market players to actively fulfill social responsibility.

To build a modern capital market with Chinese characteristics, in particular, it is necessary to correctly understand and grasp the characteristics and behavior laws of capital, play its positive role, restrict its negative effects, and guide capital to standardize healthy development under the conditions of socialist market economy.

Second, the capital market with Chinese characteristics is a market for open development.

The basic characteristics of the capital market are that under the framework of law and institutional, the free flow of funds, free price fluctuations, and free market entities enter and exit. A competitive capital market must be a market with complete financing functions, solid basic systems, effective market supervision, and effective protection of investors' legitimate rights and interests. After more than 30 years of reform and development, my country's capital market system has continued to improve, and the structure has been continuously optimized. Since the 18th National Congress of the Communist Party of China, the architecture, financing structure, listed company structure, and investor structure of the capital market have undergone tremendous changes. The successful implementation of the pilot registration system of science and technology boards and GEM has greatly enhanced the market's attractiveness to high -quality enterprises; deepening the reform of the New Third Board, the establishment of a Beijing Stock Exchange, and creating a key step in the main position of the SMEs of service innovation. The futures option trading market based on important resources and energy products has also been further developed. The positive interaction situation of the futures spot market is formed.

On the basis of a more complete market system, market function, and market environment, high -level institutional openness has been actively expanded. At present, the restrictions on foreign -funded stocks in the securities fund futures industry have been fully liberalized. The interconnection mechanism has continued to deepen, from the stage of Shanghai -Shenzhen -Hong Kong -Hong Kong -connected stage to the stage of connecting the United Kingdom, Germany, Switzerland and other markets. A shares are incorporated into multiple important international indexes and continuously increased the proportion. We also launched the A -share index futures in the Hong Kong market to facilitate international investors to carry out asset allocation. This shows that only by doing a good market system, a rule of law environment, a market system, and ecology can we achieve high -level open development.

Since 2019, the issuance of the registration, trading, mergers and acquisitions, information disclosure, continuous supervision, delisting and transfer board, illegal punishment, etc. are involved in the issuance of the registration, trading, mergers and acquisitions, and mergers and acquisitions. Practice, closely combine the actual reform of the Chinese market and adapt to the new requirements of open development.

Third, the modern capital market with Chinese characteristics is a market with a high degree of marketization.

The most important value of the capital market is to achieve the optimized allocation of social resources through a market -oriented mechanism. A new round of reforms with the issuance registration system have greatly promoted the reconstruction of market systems, mechanisms, processes, etc. Through reforms, the inclusiveness and adaptability of the market basic system have been significantly improved. Enterprises with different development stages, different assets and market value, different equity structures, different profit levels, or even non -profitable companies can achieve listing financing in accordance with the corresponding standards.

In the past three years, the function of the capital market service innovation -driven strategy has been expanded. As of June this year, there were nearly 2,200 strategic emerging industries listed companies, with a market value of more than 100 billion yuan in strategic emerging industries listed companies 0 years ago and now 46. This is the positive progress of my country's capital market in depth marketization. With this supporting facilities, the capital market legislation and law enforcement system mechanisms are more sound, and the rule of law really grows teeth and forms high -pressure lines. The formation of marketization and rule of law forms a trend of hard work. After more than 3 years of practice, the registration system has initially adopted the market test. The relevant institutional system has taken shape, and the conditions for the implementation of the stock issuance registration system are basically available. The development of my country's capital market is relatively short, and there is still much room for development in market depth, breadth, and radiation. From the perspective of the distribution of financing of the whole society, the proportion of direct financing such as stocks and bonds is relatively low. On the other hand, my country does not lack funds but lacks capital, especially lack of new capital. It is necessary to give play to the unique risks, resource allocation, policy transmission, and expected management of the capital market, adhere to the reform of the rule of law, marketization, and internationalization, promote the virtuous circle of industries, technology and finance, and help the high -quality development of the economy. Investors create more opportunities to share economic growth dividends.

The socialist system is a system that pays more attention to fairness and more attention. The capital market is an important platform for market -oriented allocation resources. It is an innovative practice in the history of the development of the capital market with the actual situation of the socialist market economy with Chinese characteristics. In accordance with the requirements of General Secretary Xi Jinping's "to build a standard, transparent, open, dynamic, and tough capital market," to promote the construction process of modern capital markets with Chinese characteristics, and provide new experience for the global market economy more fair and efficient operation. Inject new vitality. (Dong Shaopeng)

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