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Original title: China’s capital market has grown from zero in the past 30 years, and more than 4,000 listed companies have a market value of 77 trillion yuan.
Our reporter Chang Xiaoyu
“This year marks the 40th anniversary of the establishment of the Shenzhen Special Economic Zone and the 30th anniversary of the establishment of the capital market. Shenzhen has a very special position in the development of China’s capital market; the Shenzhen Stock Exchange has witnessed 30 years of capital market development, serving the country’s economic transformation and innovation-driven development strategy. China delivered a dazzling report card. ” On December 20, Shang Fulin, chairman of the China Wealth Management Forum and head of the Economic Committee of the CPPCC National Committee, said in a speech at the China Wealth Management Forum 2020.
Regarding the dazzling transcript, Wang Jianjun, Party Committee Secretary and Chairman of the Shenzhen Stock Exchange, presented at the aforementioned forum that for 30 years, under the strong leadership of the Party Central Committee and the State Council, And under the leadership and support of the China Securities Regulatory Commission, the Shenzhen Stock Exchange has successively launched the main board, small and medium Enterprise Board and ChiNext Board, Shenzhen-Hong Kong Stock Connect was launched steadily, ChiNext Board reform was completed with high quality and the registration system was put to the test, and a multi-level market system was initially established with complete basic functions, distinctive sectoral characteristics, transparent supervision and regulation, safe and reliable operation, and comprehensive services and efficient. , Forming a market base dominated by high-tech companies and innovative and entrepreneurial growth-oriented companies. Equity financing, turnover, and number of newly listed companies have ranked among the best in the world in recent years, making it a major emerging market with high growth.
In fact, as a central institution and important platform of the capital market, the development history of the Shenzhen Stock Exchange is the epitome of China’s capital market reform and development.
During the last 30 years, the capital market has grown from scratch, from small to large, and has withstood various complex situations such as the dispute of the “capitalist society”, the “8 · 10” incident, the international financial crisis, the abnormal fluctuations of the stock market and the new corona pneumonia epidemic. Tested, implemented a number of important reform measures, such as share trading reform, multi-level market construction and registration system reform, and achieved large-scale development.
Over the past 30 years, with China’s economic and social development and reform and opening-up process, the inclusion of the capital market has continued to increase, the science and integrity of the basic system has been constantly improved, service capabilities and The competitiveness of market institutions has improved significantly and the depth and breadth of two-way openness has increased. Expansion, the market rule of law supply continues to improve, the centralized and unified supervisory system continues to improve, and the concepts of “constructive system, hands-off and zero tolerance” “overwhelming four and one force” are deeply ingrained in the people’s hearts, and a virtuous circle of capital market ecology has taken shape.
Over the past 30 years, the capital market has continued to reform, innovate and develop, and has formed a market pattern of coordinated development of equity and debt, spot futures, public and private equity, on and off the market, and development. coordinated of the main board, small and medium boards, ChiNext, science and technology innovation board and the new third board. . From the original “Shenzhen Stock Exchange” and “Shanghai Stock Exchange” to the more than 4,100 companies listed on the two stock exchanges today, with a market capitalization of 77 trillion yuan, occupying the second place in the world; From 100,000 yuan to hundreds of billions of yuan today, it ranks second in the world. From the initial manual transactions, there were only a few or dozen transactions per day, and now computers automatically match them, with an average daily transaction of more than 46 million transactions across the market. In addition, the scale of China’s bond market has also reached the second largest in the world, and the volume of commodity futures is the largest in the world.
“In the past 30 years, the capital market has made remarkable achievements in the development path of commodification, the rule of law and internationalization.” Shang Fulin concluded in the mentioned forum that first, the market-oriented reform has achieved remarkable results. China’s capital market is exploring and starting under a planned commodity economic system. In the process of transition to a market economy, it has always adhered to the principle of commodification, has acted in accordance with the laws of the market and has focused on cultivating and exercising market mechanisms. Second, the construction of the rule of law is progressing strongly. China’s capital market has created a precedent for the construction of a capital market under the socialist market economy system. Over the past 30 years, we have always placed the construction of the rule of law in a prominent position and have gradually established a capital market institutional framework that is basically consistent with internationally accepted rules and takes into account China’s national conditions. Third, the appeal of international construction continues to increase. The capital market is accelerating simultaneously with the pace of China’s financial openness.
“When reviewing the development of the capital market over the past 30 years, we should not only see the rigid performance of the market scale, but also the contribution of capital market development to the smooth development of China’s economic and social development, especially in terms of concepts and concepts. Institutional contribution “. Wang Jianjun said that first, the development of the capital market has promoted the establishment and improvement of the socialist market economic system; the second is to promote the establishment of a modern business system; the third is to promote the establishment of a solid modern financial system; the fourth is to strongly support innovation-driven economic restructuring. Fifth, the knowledge and concepts of the modern market economy have become popular.
The “Proposals of the Central Committee of the Communist Party of China on the formulation of the fourteenth five-year plan for national economic and social development and the long-term goals for 2035” approved by the fifth plenary session of the XIX Central Committee of the Communist Party of China propose fully implement the registration system for the issuance of shares and establish the standardization delisting mechanism to increase the proportion of direct financing. This provides an action guide for the reform and development of the capital market in the next 5 years and beyond.
With regard to promoting the healthy development of the capital market, Shang Fulin makes four suggestions, “strengthen the construction of the capital market infrastructure; regulate the development of the bond market; strengthen the technological construction of the capital market; continually improve the level of supervision ”.
Speaking about the future workforce of the Shenzhen Stock Exchange, Wang Jianjun said that in the future, the Shenzhen Stock Exchange will resolutely implement the main decisions and deployments of the Central Party Committee and the State Council, and actively implement the nine-character policy of “build a system, hands off and zero tolerance,” according to the China Securities Regulatory Commission. President Yi Hui met the work requirements of “Four Awes and One Force”, focused on the “fourteenth five-year plan” and comprehensively deepened the rollout of capital market reforms, and firmly seized the major opportunities in the construction of the pilot demonstration zone in Shenzhen and the Guangdong-Hong Kong-Macao Bay Area. Resolutely take responsibility for pioneering the capital market, uphold the spirit of “breakthrough”, the spirit of “creation” and the style of “work”, vigorously reform and innovate, comprehensively improve the market function of the Shenzhen Stock Exchange and fully seize the role of the capital market center to take the initiative Courage to demonstrate, the standard of the first demonstration, the responsibility of the first demonstration, strive to build a high-quality innovative capital center and a world-class exchange, and make positive contributions to build a new development pattern and support high-quality development.
