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Original title: Shang Fulin: The construction of the capital market credit system must be promoted in accordance with more stringent requirements and stricter standards.
Chairman, China Wealth Management 50 People Forum, CPPCC EconomicsCommitteeDirector Shang Fulin said at the First Shenzhen Pilot Demonstration Zone Financial Summit and the 2020 Annual Meeting of the 50 China Wealth Management Forum on December 20 that the 14th Five-Year Plan adopted by the Fifth Plenary Session of the XIX Committee Party Central presented the proposal for the full implementation of the share issuance registry. System, establish a normal delisting mechanism, increase the proportion of direct financing and provide capitalmarketReform and development in the next five years and beyond will provide a guide for action.
He presented four suggestions to promote the healthy development of the capital market:
First, strengthen the construction of capital market infrastructure. The proposal for the fourteenth five-year plan clearly proposes “to fully implement the registration system for the issuance of shares and to establish a standard exclusion mechanism.” This is an important starting point for the current construction of the capital market infrastructure, which will drive issuance, listing, trading and ongoing supervision. A series of basic reforms of the system The registry reform isMarket reformThe core is information disclosure and the key is to compact the responsibilities of all parties, and the foundation of various systems is inseparablecreditThe capital market is based ondealBased on credit, we must promote the construction of a capital market credit system in accordance with more demanding requirements and stricter standards, and fill in the deficiencies of the credit system. Cracking down on dishonesty, strengthening market constraints, creating a fair and honest market environment, and enhancing market confidence.
Second, standardize developmentLinkmarket.Bond marketIt is an important place for fundraising in the medium and long term and plays an important role in increasing the proportion of direct financing and improving the structure of the financial market. Since the beginning of this year, the bond market has provided strong support for epidemic prevention and control, and economic and social development. Bond market financing has approached a quarter of the scale of social financing. At the same time, for historical reasons,National debtThere are still some shortcomings and shortcomings in the stock market, which need to be further optimized.
One is to improve the bond market system and mechanism. Unify the rules of the bond market, promote the interconnection of the bond market and the construction of infrastructure. Improve the bond issuance mechanism, improve the efficiency of bond issuance, and reduce operating and management costs. The second is to enrich the varieties of the bond market. In the constant development of the national debt,the companyDebt and other traditionsproductOn this basis, continue to improve other fixed income, structuredproduct designResearch on Asset Securitization Product Innovation to Better Support the Private Sectorcompany, Small and micro enterprises and other key groups. The third is to optimize the bond market development environment. Further improve the market restriction and punishment mechanism, cultivate qualified institutional investors, and increase market transaction activity.
Third, strengthen the technological construction of the capital market. Current,Big data,Cloud Computing,artificial intelligence、BlockchainThese technologies have been widely used in the securities and futures markets, and we must continue to promote the computerization and digital transformation of the capital market.
The first is to improve the general level of financial services through technological empowerment. Especially broaden the application of technology in the field of inclusive finance, for example, through big data, artificial intelligence and other technologies to get to know people in weak areas.Differentiation、personalityOptimized and risk-tailored asset management and investment needs will improve the availability and inclusiveness of services. The second is to improveInformation system, Technical reliability. Improve the design of data standards and data security systems Pay attention not only to financial risks of the business, but also to various technical risks, and resolve them in timeinformation technologyHidden risks in system and data security.
Fourth, continuously improve the level of supervision. The approach is to properly manage the relationship between development and security, government and market and, in general, continue to prevent and control various risks in the capital market in accordance with the requirements of “building systems. , no intervention and zero tolerance “.jobs. Pay attention to the supervision department, self-regulatory organization,Market playersSelf-discipline, social supervision, and other parties work together to build a more open, fair and equitable market.
One is to strengthen market tracking analysis and anticipation management. Improve the mechanisms for prevention, early warning and prevention and elimination of market risks, use scientific and technological means to strengthen the effectiveness of supervision and curb excessive market speculation. The second is to crack down on illegal and criminal activities, such as information disclosure violations, market manipulation, and insider trading. It is necessary to substantially increase the cost of violations of laws and regulations and strictly observe the end result of risk. The third is to focus on strengthening education and services for investors, consolidating the responsibilities of intermediaries and protecting the legitimate rights and interests of investors. The fourth is to strengthen regulatory exchanges and international cooperation.
(Source: China Securities Net)
(Responsible editor: DF537)
I solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this booth.
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