"Depending on 12" has increased the vitality and toughness of the capital market for three years

From September 9th to 10th, 2019, the CSRC held a symposium on comprehensively deepening the capital market reform work, proposing "12 in depth", and the curtain of the capital market deepening reform was opened. On September 9, 2022, the "Depending Twelve" was proposed for three years.

In the past three years, the regulatory authorities have continued to promote the orderly reform measures in an orderly manner, and gradually flowers: the reform of the registration system has been steadily promoted, the multi -level market system has continued to improve, the quality of listed companies has steadily improved, the rule of law construction is stable, the opening of the outside world is deep, and investment will be open to the outside world. The structure is gradually optimized ...

"Overall, in the past three years, the reform of various aspects of the" Depending on 12 "has made important progress. From listed companies to intermediary agencies, from system construction to regulatory measures, all aspects of the capital market have shown positive changes." Peking University Law The college professor Guo Li told the Securities Daily reporter.

The coverage of the coverage is significantly improved

Among the "Deeping 12", the first key task is "giving full play to the test field of science and technology boards." Over the past three years, the "test field" of the science and technology board has continued to play, and the experience of the registration system has been copied to the GEM and the Bei Stock Exchange. In addition, basic systems such as the issuance of underwriting, information disclosure, mergers and acquisitions, re -financing, and delisting of the capital market have been continuously improved, the market breadth has continued to expand, and the investment and financing functions have been significantly enhanced.

According to Wind information statistics, as of September 8, A -share listed companies reached 4,904, with a total market value of 8.193 trillion yuan. Among them, under the registration system, 460, 364 and 110 companies listed on science and technology boards, GEM and Bei Stock Exchange were listed, respectively, and the listing funds were 688.596 billion yuan, 338.659 billion yuan, and 22.364 billion yuan, respectively. Taken together, there are 934 listed companies in the registration system, with a total of 1.05 trillion yuan of listing funds.

At the same time, the multi -level market system is continuously improved, the regional equity market and the new three board linkage have been enhanced. Breaking hundreds, the coverage and inclusiveness of the capital market have been significantly improved.

Improve the quality of listed companies is also the focus of "deep renovation". With the "Opinions of the State Council on Further improving the quality of listed companies" as the program, the regulatory authorities refine the implementation measures, while focusing on the "entry levels", focus on information disclosure and corporate governance, solve the prominent issues such as major shareholders' illegal occupation guarantees, and strengthen The delisting supervision has accelerated the ecological ecosystem of the benign market with outbound and survival of the fittest, and the overall quality of listed companies has steadily improved.

According to Wind information statistics, the total operating income of the above -mentioned 4,904 listed companies in the first half of the year was 3.448 trillion yuan, an increase of 9.31%year -on -year, and the net profit was 3 trillion yuan, an increase of 3.95%year -on -year.

The chief economist of CITIC Securities clearly said in an interview with the Securities Daily that in the past three years, the capital market has changed significantly. First, the capital market has expanded significantly. The total number of A -share listed companies has increased from more than 3,600 to nearly 5,000. The market value jumped to about 8.3 trillion yuan; the second is that the vitality and toughness of the capital market have increased significantly. Since this year, the average daily turnover is closer to the same period compared with the same period of 2019; the third is that the capital market has increased support for the real economy financing; the fourth is the listing of listing. The company's competitiveness is becoming stronger, and a group of leading companies with global competitiveness have emerged in many areas.

In an interview with the Chief Economist of Chuangjinhexin Fund, Wei Fengchun said in an interview with the Securities Daily that in the past three years, from the perspective of the internal structure of the capital market, there are four biggest changes. Development platform; second, the quality of listed companies continues to improve, and illegal and illegal acts can be improved; third, the supervision of private equity funds is stricter; and the fourth is that the supervision concept is more scientific.

From the perspective of professional investors, "Deeping 12" has brought reform dividends to the capital market. The relevant person in charge of Xingshi Investment told the Securities Daily that the multi -level capital market system has been further improved, the investment environment is optimized, and the market vitality has been added. Investors' structure has been further optimized, reducing the irrational fluctuations of A shares, and promoting the healthy development of the capital market.

Institutional investor strength is strong

The good environment of rule of law is the guarantee of the entry of medium and long -term funds. In the past three years, the construction of the rule of law in the capital market has made breakthroughs in breakthroughs, and the environment of the rule of law has continued to improve. The new "Securities Law" and "Criminal Law Amendment (11)" have been implemented, and illegal costs such as fraud, illegal letters, insider transactions and manipulation markets have been significantly improved.

In the context of the improvement of the level of rule of law in the capital market, medium- and long -term funds entering the market are also logical. With the upper limit of the investment ratio of insurance capital and annuity fund equity investment, foreign capital continues to inflow, and the strength of professional institutional investors in the capital market has continued to grow. Data show that as of the end of May this year, the value of domestic professional institutional investors and foreign -funded ownership stock markets accounted for 22.8%.

"Increasing the proportion of institutional investors is one of the manifestations of the healthy development of the stock market." The above -mentioned Star Stone investors said that compared with overseas markets, there is still much room for domestic institutional investors. The bargaining power may be further improved.

At the same time, in the past three years, the capital market system has been steadily advanced to the outside world, attracting more overseas funds to enter the Chinese market. The proportion of foreign -funded shares has been liberalized, and a large number of foreign financial institutions run into the market; A shares are included in the internationally renowned index such as MSCI and the factors are increasing continuously; Expansion to the Swiss and German markets; ETF is included in the Shanghai -Shenzhen -Hong Kong Standard, and the interconnection of the Mainland and Hong Kong will be further deepened. Reform takes a long time

At present, most of the measures in the "Depending Twelve" have been implemented, and the remaining parts are also being promoted. Experts believe that the next step of the capital market's deep reform is to focus on comprehensive registration system reform, improve the multi -level capital market system, and improve the quality of listed companies and high -level two -way openness.

Guo Li believes that the reform of the capital market needs to be unremitting, and for a long time. For example, the quality of listed companies still faces some difficulties and challenges; the level of practice of intermediary agencies has been improved, but it is still necessary to work hard to build high -quality brokers with Chinese characteristics ... reform needs to keep pace with the times.

"Article 12 content covers all areas of the development of the capital market. Some of the contents need to be promoted for a long time, such as promoting medium and long -term funds to enter the market and strengthening the construction of the bond market." Wei Fengchun said.

Obviously, the future capital market reform may focus on the following aspects: First, steadily promote the reform of comprehensive registration system and release market vitality; the other is to improve the multi -level capital market system, strengthen the function of characteristic sectors, promote the benign of the derivatives market and the stock market Interactive; the third is to continue to promote the construction of the rule of law in the capital market and protect the interests of investors; the fourth is to increase the degree of openness and create a more international capital market; the fifth is to help scientific and technological innovation and cultivate a good innovation atmosphere.

(Editor in charge: Zhang Ziyi)

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