nlgexclusivefreeroll| Reconstructing the top-level design of the capital market to better serve high-quality economic development

◎ reporter Liang Yinyan

Ask for motivation for reform. After the two "National Nine articles" in 2004 and 2014, 10 years later, the State Council once again issued the guidance document on capital market-- "the State Council on strengthening supervision, preventing risks and promoting the high-quality development of the capital market."NlgexclusivefreerollA number of comments (hereinafter referred to as "opinions"). This fully reflects the great importance and ardent expectations of the CPC Central Committee and the State Council on the capital market. Under the background of comprehensively promoting Chinese-style modernization and speeding up the construction of a financial power, the opinion reconstructs the top-level design and defines the short-term and medium-and long-term development goals of the capital market.

The Nine articles issued in 2004 elevates the development of the capital market to the height of the national strategic task, and answers major questions and disputes such as how to realize the standardization and development of the securities market and how to treat the status and role of the securities market. The "National Nine articles" issued in 2014 is to make a top-level design for the capital market under the new economic development situation, focusing on promoting the capital market to better play the role of resource allocation and promoting economic restructuring and the transformation of the mode of development.

After more than 30 years of development, the basic system of China's capital market has been continuously consolidated, the multi-level architecture has been established and continuously optimized, the risks in key areas have continued to converge, and the efficiency of supervision and law enforcement has been continuously improved. the current construction goal is to improve quality and efficiency to serve the high-quality development of the real economy. The 20th CPC National Congress made strategic arrangements for comprehensively promoting Chinese-style modernization, and the Central Financial work Conference put forward the goal of speeding up the construction of a financial power. under this background, there is an urgent need for top-level redesign at the institutional level of overall significance to promote the capital market to better serve the overall situation of high-quality economic and social development with its own high-quality development on the basis of existing reforms.

First of all, the high-quality development of the capital market should focus on the center of Chinese-style modernization. Strong capital market is an important part of modern economy. The capital market should firmly grasp the theme of high-quality development, uphold correct innovation, more effectively serve the key areas of the national economy and the construction of a modern industrial system, promote the development of new quality productive forces, and serve Chinese-style modernization with high-quality development of the capital market.

Secondly, the realization of high-quality development of the capital market should reflect the principle of goal-oriented and problem-oriented. The new "National Nine articles" issued this time details the development goals of the capital market for a period in the future: in the next five years, basically form the overall framework for the high-quality development of the capital market; by 2035, basically build a capital market with high adaptability, competitiveness and universal benefits, the investment and financing structure tends to be reasonable, and the capital market supervision system and mechanism is more complete. At the same time, we should adhere to problem orientation, especially in view of outstanding problems such as institutional mechanisms, supervision and law enforcement exposed by stock market fluctuations since August last year, respond to investors' concerns, and promote the resolution of deep-seated contradictions accumulated in the capital market over a long period of time.

Finally, to achieve high-quality development of the capital market, we should further improve the system of rules and regulations and move towards the overall goal of "safety, standardization, transparency, openness, vitality and resilience". On the basis of the existing relatively perfect institutional framework, the capital market has further constructed the "1x N" policy system. Among them, "1" is the third "national nine articles", and "N" is a number of supporting institutional rules, whose main line is to strengthen supervision, prevent risks, and promote high-quality development. At present, the CSRC has issued supporting policy documents such as strict access to issuance and listing, strengthening the continuous supervision of listed companies, strengthening institutional supervision, strengthening the self-construction of the CSRC system, and strengthening delisting supervision. In the next step, the CSRC will also study and formulate reform measures to promote the long-term development of the capital market.

Next, China's capital market will enter the reform season-investor protection, the quality of listed companies, the development of industry institutions, regulatory capacity and governance system construction and other aspects, will usher in a series of mechanism arrangements and policy measures. It can be expected that we will unswervingly adhere to the direction of market-oriented and legal reform, respect laws and rules, implement them one step at a time, and build a capital market matched with financial powers in the future.

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