CSRC: Fully consolidate the steady and positive momentum of the capital market

Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission (CSRC), recently stated at a seminar regarding the “14th Five-Year Plan” for listed companies in the capital market that the CSRC will prepare and implement the capital market “14th Five-Year Plan” with high quality, fully consolidating the stable and improving momentum of the capital market, and will expedite the deepening of the ChiNext reform.

Wu Qing stated that the CSRC will comprehensively, profoundly, and accurately understand and grasp the important deployments of the Fourth Plenary Session of the 20th Central Committee of the Communist Party, strengthen research on significant issues related to the reform, development, and stability of the capital market during the “14th Five-Year” period, unify strategic needs with practical possibilities, and align market demands with regulatory goals, ensuring the high-quality preparation and implementation of the capital market “14th Five-Year Plan.”

He emphasized the need to focus closely on the main line of work related to risk prevention, strong regulation, and promoting high-quality development, fully consolidating the stable and improving momentum of the capital market, focusing on the continuous deepening of comprehensive reforms in capital market financing and investment, enhancing system inclusiveness and adaptability, expediting the deepening of the ChiNext reform, continuously promoting the implementation of the Science and Technology Innovation Board reforms, improving the convenience, flexibility, and attractiveness of refinancing systems, promoting the high-quality development of the Beijing Stock Exchange and the New Third Board, enhancing the coverage and radiating power of the multi-layered market, and more effectively supporting the construction of a modern industrial system and the development of new productive forces, actively serving the “14th Five-Year” development goals and the construction of a strong financial nation. Wu Qing also stated that listed companies are the foundation of the capital market and should focus on their main business, improve governance, strive to enhance development quality, and strengthen the ability to return to investors, providing solid support for the high-quality development of the capital market.

During the seminar, participants provided specific suggestions on how to effectively implement the capital market “14th Five-Year Plan,” improve system inclusiveness and adaptability, enhance the quality and investment value of listed companies, among others. The main suggestions included: continuously optimizing the issuance and listing system rules to better adapt to the development needs of emerging industries, future industries, and the transformation and upgrading of traditional industries; enhancing the refinancing efficiency of listed companies to better activate the vitality of the mergers and acquisitions market; making greater efforts to cultivate patient capital and promote the inflow of medium- and long-term funds into the market, better matching the long-cycle needs of industrial development; improving the dividend repurchase and incentive constraint mechanisms of listed companies, urging them to further enhance standardized operations and information disclosure levels; increasing policy support for the globalization development of listed companies, helping to cultivate world-class enterprises, etc.

The “Suggestions of the Central Committee of the Communist Party of China on Formulating the 14th Five-Year Plan for National Economic and Social Development” proposed enhancing the inclusiveness and adaptability of the capital market system and improving the functions of coordinated investment and financing in the capital market. It advocates actively developing direct financing through equity, bonds, and steadily developing futures, derivatives, and asset securitization. Recently, the CSRC has conducted extensive research on the capital market “14th Five-Year Plan,” holding a series of seminars, including those for listed companies and industry organizations regarding the “14th Five-Year” planning, as well as expert seminars on the capital market “14th Five-Year Plan.” The CSRC stated that it will continue to deepen the comprehensive reform of capital market financing and investment, improve system inclusiveness, adaptability, competitiveness, and attractiveness, strive to achieve effective qualitative improvement and reasonable quantitative growth, and effectively enhance the inherent stability of the market. (Reporter Wu Lihua)

(Editor: Wen Jing)

Keywords:

                                                            Capital Market