Unscramble The General Direction Of The Future Capital Market Reform And Development

Liu Shiyu, chairman of the SFC, attended the thematic press conference of the twelve session of the four session of the four NPC.

At the meeting, Liu Shiyu communicated with the media around the hot issues such as registration system, "rescue the market" measures and fusing mechanism, and made some comments and opinions on the reform and development of the capital market based on the above questions.

We believe that Liu Shiyu's speech at the press conference gave a clear answer to some key issues in the reform and development of the capital market, which is conducive to further clarify the direction and path of future reform and development, and conduct in-depth analysis of the characteristics and the reality of China's capital market, which is conducive to a more foothold in the national conditions and promoting various reform and development measures, and gives some sincere reflection on some deficiencies in the current supervision, which is conducive to further improving the level of supervision and promoting the healthy and stable development of the capital market.

Specifically, we believe that the spirit of chairman Liu's main speech can be summed up as "one insistence, two confronting and three doing well".

We must persist in adhering to the direction of reform and development of capital market liberalization and rule by law.

In his speech, Liu Shiyu pointed out that "the development of China's capital market must adhere to the fundamental direction of marketization and rule of law. Since it is the fundamental direction, it can not be shaken."

This statement is in line with the relevant expressions since the third Plenary Session of the 18th CPC Central Committee, and further clarified the general direction of the reform and development of the capital market in the future.

The two is to face up to the problems existing in the capital market and face up to the deficiencies in government supervision.

When discussing the huge fluctuations in China's capital market last year, President Liu pointed out that "there are many reasons for the abnormal fluctuation of stock market. Among them, the immature capital market in China is an important reason, including incomplete trading system, imperfect market system, immature traders, and unsuitable regulatory system". This conclusion concentrates on some deep-seated problems existing in China's capital market.

President Liu pointed out later that "in this regard, the CSRC must draw lessons from it, draw inferences and draw lessons from it, speed up reform, pform its functions, strengthen supervision and control in an all-round way and promote healthy development of the capital market".

In reply to the question of "fusing mechanism", Liu Shiyu pointed out that "when the" melting mechanism "is implemented, it may be thoughtless about the main structure of China's capital market." in the expanding global environment of opening up, we should learn from the good practices and successful experiences of other countries in the world in restructuring the capital market system, but every reform must be firmly based on China's national conditions ". This expression is a profound reflection on the decision-making and implementation of the fusing mechanism.

It can be said that Liu Shiyu's "two faces" to the problems in the capital market and the deficiencies in the government supervision will help us to understand the characteristics and reality of China's capital market better, and help the relevant regulatory departments to raise the level of supervision and promote the healthy and rapid development of the capital market.

The three is to do well in coordinating the registration system reform, maintain stability in market failure, and protect the rights and interests of small and medium-sized investors.

In doing well in promoting the registration system reform, Liu Shiyu stressed in his speech that "registration system" is a major task of the CPC Central Committee and the State Council on the top-level design of the long-term healthy development of China's capital market. It must be promoted. However, in the process of pushing forward, "no single soldier should be pushed forward". We must deal well with the relationship between building a multi-level capital market and "building a multi-level capital market".

It takes a considerable process, quite a long time.

This statement affirmed the long-term reform direction of the stock issue registration system, and clearly put forward the specific path for overall planning.

In doing a good job of maintaining stability in the market failure, President Liu pointed out in his speech that "when we fall into a situation of complete failure and continuous failure of the market, we should still make decisive decisions, which is in line with the goal put forward by the party in the third Plenary Session of the 18th CPC Central Committee to let the market play a decisive role in the allocation of resources and better play the role of the government.

Some measures are special measures in the special period, especially some unconventional mechanism measures, which have been lifted or are withdrawn after the market has completely entered the state of self repair and self development.

As for the withdrawal of the central card, I have not considered this matter. In the long run, it is too early to say that the withdrawal of the central bank card is too early. "Liu Shiyu's speech shows that the government participates in maintaining the stability of the market when the market fails, and it is also a positive response to the controversy over the stability of the CSI, which is conducive to boosting market confidence.

In order to protect the rights and interests of small and medium-sized investors,

It is pointed out in the speech that "whether it is the approval system or the registration system, we must uphold the sincere concept of protecting the legitimate rights and interests of investors and strictly examine the authenticity of the issuer's disclosure." even if the registration system is implemented in the future, we can not relax and strengthen it. "The function of the government can not be shaken, that is, maintaining the openness, fairness and impartiality of the capital market. The principle of leaving the" three principles "can not protect consumers' rights and interests, nor can they protect the rights and interests of small investors.

Only by protecting the rights and interests of small and medium-sized investors can we promote the steady development of China's capital market.

Liu Shiyu's emphasis on and emphasis on the protection of the rights and interests of small investors is conducive to the stability of the securities market, and is also conducive to further consolidate the foundation for long-term, sustained and healthy development of the capital market.