The new “nine national regulations” lead the high-quality development of the capital market
Recently, the State Council issued the “Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-Quality Development of the Capital Market” (hereinafter referred to as the “Opinions”, the new “Nine National Articles”), requiring that we focus on creating a safe, standardized, transparent, open and dynamic , a resilient capital market, focusing on strengthening supervision, preventing risks, and promoting high-quality development, better giving full play to the functions of the capital market, promoting the construction of a financial power, and serving the overall situation of China-style modernization. Industry insiders interviewed by reporters from the “Economic Information Daily” believe that following the two “Nine National Articles” in 2004 and 2014, after a lapse of 10 years, the State Council has once again issued a capital market guidance document, pointing out the direction for the development of the capital market and anchoring the development of the capital market. With the goal of building a financial power, China’s capital market has entered a new stage of high-quality development.
Anchoring the goal of building a financial power
The “Opinions” propose that we must deeply grasp the main connotations of high-quality development of the capital market and achieve stable and healthy development of the capital market while serving major national strategies and promoting high-quality economic and social development. In the next five years, an overall framework for the high-quality development of the capital market will be basically formed. By 2035, a highly adaptable, competitive, and inclusive capital market will be basically established, and the legitimate rights and interests of investors will be more effectively protected. By the middle of this century, the modernization level of the capital market governance system and governance capabilities will be further improved, and a high-quality capital market matching that of a financial power will be built.
Last year’s Central Financial Work Conference pointed out that high-quality development is the primary task of comprehensively building a modern socialist country. Finance is the lifeblood of the country’s economy and an important part of the country’s core competitiveness. It is urgently needed to provide high-quality services for economic and social development. The meeting clearly proposed “accelerating the construction of a financial power”, emphasized “promoting high-quality financial development in my country”, and made strategic arrangements for striving to develop a path to financial development with Chinese characteristics.
Wu Qing, Secretary and Chairman of the Party Committee of the China Securities Regulatory Commission, pointed out that the 20th National Congress of the Communist Party of China made strategic arrangements for comprehensively promoting Chinese-style modernization, and the Central Financial Work Conference proposed the goal of accelerating the construction of a financial power. A strong capital market is a standard feature of a modern economy. Promoting the high-quality development of the capital market is conducive to promoting high-level circulation of science and technology, industry and capital, improving the modern industrial system, and promoting the development of new productive forces; it is conducive to enriching financial products and services and creating more opportunities to increase residents’ property income; and it is also conducive to enriching financial products and services. It is conducive to the development of equity financing, optimization of financing structure, and improvement of the modern financial system with Chinese characteristics.
Wu Qing said that the new “Nine National Articles” focus on the center of Chinese-style modernization and anchor the goal of building a financial power. It proposes capital market development goals in stages for the next five years, 2035 and the middle of this century, starting from investor protection, In terms of the quality of listed companies, the development of industry institutions, regulatory capabilities and the construction of governance systems, an exciting and inspiring development blueprint has been drawn up.
Founder Securities stated that the new “Nine National Articles” anchor the goal of building a financial power and outline a blueprint for the long-term development of the capital market. The new “nine national regulations” further strengthen the recent capital market reform and development ideas, with the goal of building a high-quality capital market that matches a financial power. Huajin Securities Research pointed out that the new “Nine Articles of the Nation” will highlight the strict control of issuance and listing access as the primary task, which has a strong foundation for my country’s construction of a financial power, finance to promote high-quality economic development, and the Chinese-style modernization development strategy. role.
Chen Li, chief economist of Sichuan Finance Securities, told reporters that the introduction of the new “Nine National Regulations” and supporting policies demonstrates the determination of high-quality development of the capital market. With the protection of investors, the quality of listed companies, the development of industry institutions, regulatory capabilities and governance With the implementation of system construction and other measures, a more open, fair, just, safe, standardized, transparent, open, dynamic and resilient capital market will contribute more to building a financial power and realizing Chinese-style modernization. All market entities will also We will continue to improve our business capabilities and promote the healthy development of the real economy with high-quality services.
The capital market enters a new stage of high-quality development
Wu Qing pointed out that compared with the first two “Nine National Articles”, the new “Nine National Articles” fully reflect the political and people-oriented nature of the capital market. It emphasized the need to uphold and strengthen the party’s overall leadership over capital market work, adhere to the people-centered value orientation, and more effectively protect the legitimate rights and interests of investors, especially small and medium-sized investors. The second is to fully embody the main line of strong supervision, risk prevention, and promotion of high-quality development. It was emphasized that stability should be the keynote, the foundation should be strengthened, supervision and management should be strict, and the high-quality development of the capital market itself should better serve the overall situation of high-quality economic and social development. The third is to fully reflect goal orientation and problem orientation. In particular, in view of the outstanding issues in institutional mechanisms, supervision and law enforcement exposed by the stock market fluctuations since August last year, we have promptly made up for the shortcomings and strengths and weaknesses, responded to investor concerns, promoted the resolution of the deep-seated contradictions accumulated in the capital market for a long time, and accelerated the construction of the capital market. A safe, standardized, transparent, open, dynamic and resilient capital market.
Industry insiders believe that the proposal of the new “nine national regulations” is an inherent requirement for the high-quality development of the capital market and has its historical inevitability. Li Huiyong, general manager of the research department of Yangtze Pension Insurance Co., Ltd., told reporters that from the perspective of the development logic of China’s capital market, the “Nine National Articles” in 2004 and the “Nine National Articles” in 2014 focused on solving the insufficient development of my country’s capital market. The background of the problem was that the size of the capital market at that time did not match the size of the Chinese economy. As of 2024, China’s capital market has experienced rapid development in the early stage. The number of listed companies has exceeded 5,000. A multi-level capital market system has basically been formed. What needs to be focused on now is the development of the capital market.” “Quality” issue.
Li Huiyong further pointed out that the capital market is a market that requires balanced development. It must not only focus on supply but also ensure demand. Its development focus is different at different stages of history. The contradiction between the two is now more prominent, and the new ” It was under this background that the “Nine Articles of the Nation” came into being, which made a top-level design for the future development of the capital market and gave clear answers to the pain points and core issues of issuance and listing, investor protection, etc. that are concerned by all parties in the market. It aims to promote the solution of the deep-seated contradictions accumulated in the capital market for a long time, which also means that the development of the capital market has entered a new stage of high-quality development.
Shenwan Hongyuan Securities stated that the State Council’s three “Nine National Regulations” on the capital market happen to be based on key development nodes. They are a systematic layout for reform and point directly to the future direction. Compared with previous documents, the major document released this time carries a heavier historical mission, focusing on clearing up historical issues and standardizing development on this basis. In fact, as my country’s capital market matures, the necessity of structural adjustment policies has gradually become higher than that of unilateral development policies since 2016. This is determined by the main contradictions at different stages.
Comprehensively reshape the capital market ecology
As a guiding document for the development of the capital market, the proposal of the new “Nine National Regulations” is expected to reshape the capital market ecology in an all-round way. The China Securities Regulatory Commission pointed out that the new “Nine National Articles” adhere to the principle of combining long-term and near-term, treating both symptoms and root causes, and taking comprehensive measures, clarifying the profound connotation of the “five musts” for high-quality development of the capital market, and systematically proposing a package to strengthen supervision, prevent risks, and promote high-quality development. policy measures.
Wu Qing pointed out that there are many participants in the capital market and the operating mechanism is complex. In a good market ecology, institutional investors and individual investors will coexist and grow together, long-term and short-term funds of all types will find their place, issuers and investors will achieve mutual success, and all market participants will All parties should fulfill their responsibilities, and supervision and the market should interact in a positive manner. This requires all relevant parties to work together to grasp the balanced relationship between investment and financing, primary and secondary markets, import and export, on-site and off-site, etc., to form a joint construction, joint governance and shared Effective governance of capital markets.
The new “Nine National Articles” have made arrangements for many key aspects. For example, to promote the entry of medium and long-term funds into the market, we not only emphasize the vigorous development of the “basic market” of equity public funds, but also focus on creating a policy environment that attracts, retains, and develops, and promotes insurance funds, social security funds, pensions, and other long-term Funds enter the market and are deployed by category. Another example is the emphasis on strengthening the rule of law, and proposing many “hard” measures to significantly increase the cost of violations of laws and regulations in the capital market and improve the three-dimensional administrative, criminal, and civil accountability system.
Yang Delong, chief economist of Qianhai Kaiyuan Fund, told reporters that the most important significance of the new “Nine National Articles” is to promote the transformation of the capital market from a financing market to an investment market, improve the investability of the capital market, and effectively improve investment Provide investors with a sense of gain, thereby promoting the long-term healthy development of the capital market.
Ping An Securities believes that the “Opinions” focus on the overall requirements, strict control of issuance and listing access, strict continuous supervision of listed companies, increased delisting supervision, strengthened supervision of securities fund institutions, strengthened trading supervision, and vigorously promoted the entry of medium and long-term funds into the market. Put forward policy arrangements in various aspects. In terms of policy direction, we focus on improving the investment value of listed companies, vigorously promote the entry of medium and long-term funds into the market, strengthen the supervision of securities fund institutions, emphasize departmental coordination and policy coordination, and support the development of new quality productivity.
CICC pointed out that the “Opinions” pointed out the development direction of my country’s capital market in the medium and long term, made clear arrangements in a number of important areas, and further improved the basic system of the capital market, optimized the investment and financing functions of the capital market, and promoted the high performance of listed companies. Quality development and other aspects are of great significance.
