Easy Manchu "Seeking" posts: Always adhere to the bottom line of thinking and resolutely prevent "market failure" from arising from abnormal fluctuations

Our reporter Wu Xiaolu Recently, the Party Secretary and Chairman of the China Securities Regulatory Commission Yi Huiman published an article "Efforts to Build a Modern Capital Market with Chinese Characteristics" in the Magazine Magazine. The Securities Daily, Zan 296 Yihui Man said that at present, my country has entered a new stage of development in a comprehensive construction of a socialist modern country and the second century -old struggle goal. Development concept, strive to build a modern capital market with Chinese characteristics, and promote high -quality economic development. Image source: Ten highlights of the screenshot speed of Qiushi.com: 1. Grasp the political and people's nature of the capital market supervision, keep the entrance barrier, and jointly establish and improve the institutional mechanism to prevent the disorderly expansion of capital, maintain fairness Competitive market environment. 2. Strengthen the synergy of securities supervision and industry supervision, which not only shows the "red light", but also sets up "green lights". 3. Comprehensively implement the stock issuance registration system to promote the optimization allocation of resources. The CSRC will firmly grasp the correct direction of reform, scientifically grasp the review mechanism, positioning of various sectors, and guiding the healthy development of capital to standardize the healthy development of capital, and prepare for the rules, business and technology of "embroidery" to ensure this major reform. Falling smoothly. 4. At present, my country's macro leverage is higher. By expanding the scale of equity financing and enriching risk management tools, the capital market can alleviate high leverage risks and unblock monetary policy transmission, which has important practical significance for improving the stability of economic operation. 5. There is no shortage of funds in my country but lack of capital, especially the lack of new capital. In the case of increasing downward pressure on investment growth in traditional industries, this structural contradiction is even more prominent. The capital market can promote the gathering of savings to the innovation industry in the form of decentralized decision -making and risk. 6. As of the end of June 2022, there were more than 2,200 listed companies in the strategic emerging industry in A -share. The market value of new generation of information technology, biomedicine and other high -tech industries increased from about 20%in early 2017 to about 37%. 7. The stock market is rising or falling. It is not suitable for the normal fluctuation government to interfere and not to buy the index. However, not intervention is not at any self -current. We must always adhere to the bottom line of thinking and resolutely prevent abnormal fluctuations in "market failures". 8. The Securities Regulatory Commission will continue to maintain the smooth operation of the market as the top priority of the work, strengthen macro research and judgment, continue to make efforts to strengthen marketing companies, stabilize capital, and stabilize market behavior, strengthen the flow of market capital, investors' behavior behavior Monitoring and analysis of marginal changes such as the performance of listed companies, improve the endogenous stability mechanism of the capital market, and improve the risk response plan under extreme circumstances. 9. The Securities Regulatory Commission will continue to improve the quality of listed companies as an important part of comprehensively deepening the capital market reform, adhere to the entrance clearance and unblocking and diversified exit channels, adhere to the information disclosure and corporate governance double -wheel drive, and further resolve the information disclosure of information disclosure. , Big shareholders illegally occupy the guarantee of prominent issues, and guide listed companies to regulate governance, focus on the main business, and be better. 10. Unswervingly promote the openness of the market, institutions, and products. Further promote the improvement of China's Hong Kong market to undertake domestic enterprises, support Hong Kong to consolidate the status of international financial centers, and promote the coordinated development of markets in the two places. Deep structural changes in the capital market can play a greater role in high -quality development, which is easy to say that my country's capital market has undergone profound structural changes in the new era. Especially since the 2017 National Financial Work Conference, my country closely follows the main line of structural reforms of financial supply side, adheres to the thinking and methods of reform to solve the institutional obstacles of the capital market, firmly promote the comprehensive deepening of the capital market reform, promote the capital market's occurrence of the capital market Deep structural changes, service economic development achieves a double rise. Including: stock bond financing steadily grows; the market structure is significantly optimized; the multi -level market system is continuously improved; the functions of optimizing resource allocation are further exerted; the high -level system is open steadily. "As my country's economy has entered a stage of high -quality development, it provides high -efficiency financial support for strategic emerging industries, small and medium -sized enterprises, promoting cross -cycles, cross -industry, cross -group dispersion risks, and meets the people's growing wealth management needs. It has put forward new and higher requirements. "Yi Hui Man said that the capital market has unique and important functions in terms of resource allocation, risk slow release, policy transmission, and expected management. It is the key to deepening the structural reform of financial supply side. Can play a greater role in high -quality development. First, stimulate the vitality of market players' innovation and help consolidate the micro -foundation of high -quality economic development. From the perspective of economic and financial development, scientific and technological innovation, property rights protection, market expansion and financial support are all key forces that promote "creative destruction", and the positive role of the capital market in it is also increasingly prominent. The development of the securities exchanges has further unblocked the circulation of the company's shares, improved financing and pricing efficiency, and also provided more convenient conditions for the implementation of innovative mechanisms such as equity incentives. Without the sustainable development of the capital market, corporate innovation and technological progress cannot be so fast. The second is to promote the healthy interaction of industry and finance and help unblock the national economic cycle. For a long time, my country's savings are mainly transformed into investment through credit, and indirect financing has dominated.

With the development of my country's industrialization and urbanization to a certain stage, there have also been a situation where traditional industry capacity and insufficient investment in emerging industries have also occurred. Micro -micro performance is the decline in the return on investment in enterprises, and the macro -efficient investment demand is weak. In recent years, my country has maintained a reasonable liquidity, the market interest rates have generally declined, and the growth rate of social financing has basically matched the growth rate of the nominal GDP. However, in general, there is no shortage of funds in my country but lack of capital, especially the lack of new capital problems. In the case of increasing downward pressure on investment growth in traditional industries, this structural contradiction is even more prominent. The capital market can promote the gathering of savings to the innovation industry in the form of decentralized decision -making and risk. In the important mark of the current economic structure adjustment, it is also necessary to play a good role in the capital market, promote the development of direct financing and indirect financing, guide more savings to towards the direction of savings. Emerging industries gather, simultaneously promote the transformation and upgrading of traditional industries, form a higher efficient, higher -quality input -output relationship, and realize the dynamic balance of the economy at a high level. The third is to help improve macroeconomic governance and promote economic stable operation. At present, my country's macro leverage is higher. By expanding the scale of equity financing and enriching risk management tools, the capital market can alleviate high leverage risks and unblock monetary policy transmission, which has important practical significance for improving the stability of economic operation. Fourth, to promote the achievements of economic development more to benefit the people and help achieve shared development. In the next step, deepen the reform of the capital market, it is still necessary to further enhance the value creation capabilities of listed companies, enhance the professional capabilities of industry institutions, and realize the healthy promotion of real economy development, quality improvement of listed companies and the growth of investor returns. It is easy to grasp the correct direction of building a modern capital market with Chinese characteristics. It is easy to say that after more than 30 years of reform and development since the 18th National Congress of the Communist Party of China, my country's capital market has entered a new stage of building a modern capital market with Chinese characteristics. The Securities and Futures Commission must implement the new development concepts complete, accurately, and comprehensively, and continuously deepen the laws and practice of the laws of modern capital markets, and strive to create a standardized, transparent, open, dynamic, and tough capital market. In this regard, Yi Hui Man proposed the "five persistence": First, adhere to the party's comprehensive leadership of the capital market work, and ensure that the direction of development is always correct. The second is to persist in seeking truth from facts and strengthen the development of the capital market with Chinese characteristics. The third is to adhere to marketization and rule of law, and create a stable, transparent, and expected development environment. In particular, it is necessary to correctly understand and grasp the characteristics and behaviors of capital, and guide the healthy development of capital to standardize the healthy development of capital. On the one hand, grasp the political and people's nature of the capital market supervision, keep the entry level, and jointly establish and improve the institutional mechanism to prevent the disorderly expansion of capital with relevant aspects, and maintain a market environment of fair competition. On the other hand, strengthening the collaboration between securities supervision and industry supervision not only shows the "red light", but also sets up "green lights" to implement the "two unshakable", promote the common development of multiple ownership economies, and protect property rights in accordance with the law to protect property rights in accordance with the law. And intellectual property rights, stimulate entrepreneurial spirit and market innovation and creativity, and better guide capital to serve the socialist market economy. The fourth is to adhere to the system of systematic concepts and focus on building a new pattern of governance and sharing of all parties. It is necessary to firmly establish the overall concept, not only to do the affairs of the capital market solidly, but also take the initiative to strengthen the coordination and cooperation with policies such as fiscal, taxation, currency, industry, etc., to give full play to the two enthusiasm of the central and local governments, to promote the entry of medium and long -term funds to the market, improve the listing of listing, and improve listing. The company's quality, expanding high levels of opening up, and the combination of securities illegal and violations have enhanced joint efforts to jointly create a good market ecology. Fifth, adhere to the stability of reform and development, and promote the stability of the capital market. The stock market is rising or falling. It is not suitable for the normal fluctuation government to intervene and not to spend money to buy the index. However, not intervention is not allowed to let it go. It must always adhere to the bottom line of thinking and resolutely prevent abnormal fluctuations in "market failures". This requires the bottom line of the risk and grasp. At the same time, it is also necessary to realize that the stability of the capital market is not kept, but it is changed. It must maintain a constant force and insist on stimulating the vitality of the market through reform and enhance the endogenous motivation of market toughness and high -quality development. Through reforms, "entering" and opening up "advance" better promoting the high -quality economic development "advancement" easy to propose. more obvious. At the same time, my country's development is still in a period of important strategic opportunities, and my country's capital market development is still in an important period. It is necessary to actively strengthen policy coordination with relevant departments, increase financial support for the prevention and control of the epidemic and economic recovery, and strive to achieve market stability, policy stability, and stability. High -quality development "advance". In this regard, Yihui Manchu explained how the next step of the capital market promoted the "advancement" and opening "advancement" of the next step in the capital market: First, to maintain the smooth operation of the market and strengthen market functions. The Securities and Futures Commission will continue to maintain the smooth operation of the market as the top priority of the work, strengthen macro research and judgment, and continue to make efforts to stabilize expectations, stabilize listed companies, stabilize funding, and stabilize market behavior. Monitoring and analysis of marginal changes such as the company's performance, improve the endogenous stability mechanism of the capital market, and improve the risk response plan under extreme circumstances.

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