The capital market should have a wealth effect with enormous potential for redistribution_reform



[ad_1]

Original title: The capital market should have a wealth effect with enormous redistribution potential.

Securities Times reporter Wu Shaolong

Shang Fulin, Chairman of the China Wealth Management 50 Forum and Director of the Economic Committee of the CPPCC National Committee, said at the First Financial Summit of the Shenzhen Pilot Zone Demonstration and at the 2020 Annual Meeting of the China Wealth Management 50 Forum that the new “dual cycle” development pattern is important The market has presented new and higher requirements, and the capital market must fully understand the importance of accelerating the construction of a new development pattern and better meeting new and more requirements elevated.

How to meet the new and higher requirements of the new development pattern? Shang Fulin said that the capital market needs to make better use of its ability to convert savings into capital. One is to convert funds with different risk appetites and maturities into equity more accurately and efficiently. The second is to make better use of the wealth management functions. While a healthy capital market increases the supply of capital, it also has a wealth effect. Given that China’s per capita GDP has passed the US $ 10,000 mark and the middle income group has exceeded 400 million people, the capital market has enormous potential in accumulating and redistributing residents’ wealth. . Investors need to share dividends released during economic transformation and upgrading and business growth and development, and increase property income.

In addition, the capital market should improve the efficiency of capital allocation and the ability to promote innovation. We must persist in playing the decisive role of the market in the allocation of resources. Innovation is the key to form a new development pattern, it is necessary to use capital as a link to guide and support the factors of production to lean towards innovative companies.

In addition, the capital market needs to better exercise its market value discovery function. Improve the effectiveness of the pricing of financial assets; improve the market evaluation mechanism; more effectively connect with international capital and ultimately improve the level of international competition for Chinese companies.

Shang Fulin also presented four suggestions to promote the healthy development of the capital market. The first is to strengthen the construction of capital market infrastructure. The reform of the registry system is a market-oriented reform. The core is information disclosure and the key is to consolidate the responsibilities of all parties. The foundation of various systems is inseparable from credit, and 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.

The second is to standardize and develop the bond market. Improve bond market systems and mechanisms, unify bond market rules, promote bond market interconnection and infrastructure construction, improve bond issuance mechanisms, improve bond issuance efficiency, and reduce bond issues. operating and management costs; enrich the varieties of the bond market and constantly develop domestic bonds, corporate bonds, etc. Building on traditional products, further improve the design of other structured and fixed income products, study the innovation of asset securitization products, and better support private, small and micro-enterprises and other key groups; optimize the bond market development environment and further enhance market restrictions and sanctions Mechanism to cultivate qualified institutional investors and increase market transaction activity.

The third is to strengthen the scientific and technological construction of the capital market. It is necessary to improve the general level of financial services through technological empowerment, especially to expand the application of technology in the field of inclusive finance; improve information systems, technical reliability, improve data standards, data security and other systems design, not only pay attention to financial business risks, but also pay attention to various technical risks, and timely solve the hidden risks in information technology systems and data security.

The fourth is to continually improve the level of supervision. The approach is to properly manage the relationship between development and security, and government and the market. Overall, we must continue to do a good job in preventing and controlling various risks in the capital market according to the requirements of “system building, non-intervention and zero tolerance”. Pay attention to the joint efforts of regulatory agencies, self-regulatory organizations, self-discipline of market entities, and social oversight to build a more open, fair and equitable market. Specific measures include: strengthening market monitoring analysis and anticipation management, improving market risk prevention, early warning and prevention and elimination mechanisms, using scientific and technological means to strengthen the efficiency of supervision and curb excessive market speculation; cracking down on illegal information disclosure, market manipulation and insider trading, etc. For illegal and criminal activities, it is necessary to substantially increase the cost of violations and strictly observe the end result of risk; focus on strengthening investor education and services, consolidating the responsibilities of intermediaries, and protecting the legitimate rights and interests of investors; and strengthen regulatory exchanges and international cooperation. (See version A2 for more reports)Return to Sohu to see more

Editor:

Disclaimer: The opinions in this article only represent the author himself. Sohu is an information publishing platform. Sohu only provides storage space services.

[ad_2]