China’s capital market has grown from zero in 30 years, with more than 4,000 publicly traded companies with a market value of 77 trillion yuan.

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.

“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 and is servingnational economyTransformation andInnovation-Driven Development StrategyHe handed out a brilliant report card. “On December 20, the chairman of China Wealth Management 50CommitteeDirector Shang Fulin said in a speech at the 2020 China Wealth Management Forum.

Regarding the dazzling report card, Wang Jianjun, secretary of the Party Committee and chairman of the Shenzhen Stock Exchange, presented at the previous forum that for 30 years, under the strong leadership of the Central Party Committee and the Council of State, and under the leadership and support of the China Securities Regulatory Commission, the Shenzhen Stock Exchange has successively launched the main board,SMEsboard,To start a businessThe Shenzhen-Hong Kong Stock Connect was launched steadily, the GEM reform was completed with high quality, and the registration system was put to the test. A multi-level market system has been established with comprehensive core functions, distinctive industry characteristics, transparent regulatory standards, safe and reliable operation, and comprehensive and efficient services. high technologycompany, Growth typeInnovation and entrepreneurshipThe company’s market base as the main body, the amount of equity financing, the amount of the transaction, and the new listing.the companyIn recent years, the number has been at the forefront of the world and has become 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.

In the last 30 years, the capital market has grown from scratch, from small to large, and has withstood the disputes of “surname capital and company”, the “August 10” incidentinternational financesThe crisis, abnormal stock market volatility, the new corona pneumonia epidemic, and other complex conditions have been put to the test, and a number of important reform measures have been implemented, including non-tradable equity reform, multi-level market building and registration system reform, and large-scale development was achieved.

In 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, rule of law of the marketsupplyContinuous improvement, a centralized and unified regulatory system, and continuous improvement of the concept of “building systems, non-intervention and zero tolerance”, “four wonders and one strength” are deeply ingrained in the hearts of the people, and has taken forms a virtuous circle of capital market ecology.

Over the past 30 years, the capital market has continued to reform, innovate and develop, building capitalClaim (is, Spot futures,Public offerPrivate capital, orderly development inside and outside the market, main board, small and medium board, ChiNext,Science and Technology Innovation Board, New Third Board and other sectors coordinated the structure of the development market. From the original “Shenzhen Stock Exchange” and the “Shanghai Stock Exchange” to the more than 4,100 companies listed on the two stock exchanges in the Currently, with a market capitalization of 77 billion yuan, ranking second in the world; 100,000 yuan to today’s hundreds of billions of yuan, ranking second in the world;jobsThere are only a few or dozen business transactions per day. Now, computers have automatically matched transactions and the market has an average daily turnover of more than 46 million.In addition, our countryLinkThe market size has also reached the second largest in the world,ProductThe largest volume of futures trading 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 aforementioned forum that first, the market-oriented reform has achieved remarkable results. China’s capital market is plannedraw material economyExplore and start under the system, always adhere to the principle of commodification during the transition to a market economy, act in accordance with the laws of the market, and focus on cultivating and exercising the mechanisms of the market. Second, the construction of the rule of law is progressing strongly. China’s capital market set 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 legal system in a prominent position, and gradually we have 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.

“Looking back at the development of the capital market over the last 30 years, we must see the rigidity of the size of the marketPerformanceWe should also see the contribution of capital market development to the smoothness of China’s economic and social development, especially the contribution of ideas, concepts and systems. ”Wang Jianjun said that, first of all, capital market development has promoted the establishment of a socialist market economic system. And perfect; the second is to promote the establishment of modernCorporate system; The third is to promote the establishment of a solid modern financial system; the fourth is to strongly support innovation-driven economic restructuring; the fifth is to promote and popularize the knowledge and concepts of the modern market economy.

The Fifth Plenary Session of the XIX Central Committee of the Communist Party of Chinanational economyThe proposals for the Fourteenth Five-Year Social Development Plan and the Long-Term Goals for 2035 “propose to fully implement the registration system for the issuance of shares, establish a standard exclusion mechanism and increase the proportion of direct financing. This provides guidance. of action for the reform and development of the capital market in the next 5 years and more.

Regarding promoting the healthy development of the capital market, Shang Fulin makes four suggestions, “Strengthen the construction of capital market infrastructure; standardize developmentBond market; Strengthen the construction of capital market technology; 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.

(Source: Securities Daily)

(Responsible editor: DF532)