Text: "Legal Person" magazine, full ** reporter Yue Lei.
In 2023, the world economy will be changing, and challenges and unknowns will coexist. However, under heavy pressure, China's economy has made steady progress, seeking development through reform and seeking opportunities in the midst of challenges. This year, China's financial and economic sector has undergone tremendous changes, injecting new vitality into economic development. With the precise implementation of macroeconomic control policies and the continuous stimulation of the domestic demand market, the prospects for China's economy are becoming brighter.
Against this backdrop, we have selected a few landmark events in China's financial sector in 2023 to demonstrate the strong resilience and unlimited potential of China's economy. These events are not only a vivid portrayal of China's economy, but also indicate a new pattern and trend of future development.
Ten years to build a prosperous road
2023 is a special year, which has witnessed the ten years of glory of the Belt and Road Initiative. Ten years ago, this great initiative was quietly planted in the hearts of the people of all countries along the Belt and Road. Now, ten years later, this seed has grown into a towering tree and bore fruit.
China-Europe trains, paving the way for common prosperity and development Data**.
Looking back, China has signed more than 200 Belt and Road cooperation documents with more than 150 countries and more than 30 international organizations around the world. More than 3,000 cooperation projects not only involve the economy and infrastructure, but also go deep into various fields such as humanities, education, science and technology. The investment scale of nearly one trillion US dollars has brought countless employment opportunities and economic growth points to China and other countries along the Belt and Road.
China's door to openness has never been as wide as it is today. Through the Belt and Road Initiative, China has shared its development experience and achievements with the world, and at the same time has drawn rich nourishment from other parts of the world. This mutually beneficial and win-win model has made the flower of openness bloom brightly in the countries along the route.
Looking ahead, China will continue to unswervingly follow the path of opening up to the outside world and work with other countries to build a community with a shared future for mankind. The Belt and Road Initiative will continue to bring more development opportunities to countries along the Belt and Road and inject more Chinese strength into global common prosperity.
The first mention is to "accelerate the construction of a financial power".
From October 30 to October 31, 2023, at the ** Financial Work Conference, an exciting news came out: China will "accelerate the construction of a financial power".
This ambitious goal highlights the great importance that the state attaches to the development of the financial industry. In order to achieve the goal, the meeting emphasized the need to focus on five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance, which pointed out the direction for building a financial power.
* The Financial Work Conference has drawn a magnificent financial blueprint, and with the acceleration of the pace of building a financial power, it is conceivable that China's financial industry will emerge on the global stage in the future.
Establish a financial supervision system of "one bank, one bureau and one meeting".
On May 18, 2023, the State Administration of Financial Supervision and Administration was officially inaugurated, marking an important step forward in the reform of China's financial regulators.
From the past "one line and two sessions" to today's "one line, one bureau and one meeting". The establishment of the State Administration of Financial Supervision and Administration means that the financial regulatory forces have been further integrated and the regulatory efficiency has been greatly improved. The transfer of the China Securities Regulatory Commission and the adjustment of the branches of the central bank have jointly built a more coordinated and effective financial regulatory system.
This reform of the financial regulator has injected new vitality into China's financial market. "One bureau, one bank, one meeting" ensures the seamless connection of supervision, reduces regulatory blind spots, and provides a solid guarantee for the healthy development of the financial market.
The first Chain Expo reshaped the glory of the first chain
On November 28, 2023, the first China International Chain Promotion Expo (hereinafter referred to as the "Chain Expo") was grandly opened in Beijing. As the world's first international event with the theme of the first chain, the Chain Expo brings together elites from all over the world in the field of the first chain, and everyone gathers together to jointly display the latest development achievements, technologies and concepts in the field of the first chain.
The first Chain Expo brought together elite CFPs in the field of ** chain from all over the world
Chain Expo is an important step for China's leading chain to the world stage. In today's context of rapid globalization and digitalization, the ** chain has become one of the key factors of national economic competitiveness. As the world's largest manufacturing country, China's strong and perfect chain is of great significance to the stability and development of the global chain.
The successful holding of the first Chain Expo not only promoted the exchanges and cooperation in the field of global ** chain, but also injected new impetus into the development of China's ** chain. Driven by the Chain Expo, China's first-class chain will continue to develop in a more intelligent, efficient, green and sustainable direction, and output surging momentum for global economic recovery.
Non-bank payments have entered a new era of compliance
The Regulations on the Supervision and Administration of Non-bank Payment Institutions (the "Regulations") were finally promulgated in 2023 after three years of deliberation. As the first financial administrative regulation issued after the first financial work conference, the "Regulations" are a milestone in promoting the high-quality development of the payment industry and leading the non-bank payment industry to a new era of compliance development.
By the end of 2023, there are 185 non-bank payment institutions in China, with an annual transaction volume of more than one trillion yuan and an amount of nearly 400 trillion yuan, an average daily reserve balance of more than 2 trillion yuan, and more than 1 billion individuals and tens of millions of merchants served. However, behind the boom in the industry, financial risks are also quietly breeding.
The promulgation of the Regulations aims to regulate the business behavior of non-bank payment institutions, prevent financial risks, and ensure the safety of consumers' funds. It has "checked the pulse" of the non-bank payment industry and set a new benchmark for financial supervision. By strengthening supervision and regulating market order, the non-bank payment industry will usher in a healthier and more stable development.
The Beijing Stock Exchange has sprung up
Looking back on the A** market in 2023, the rise of the Beijing Stock Exchange is undoubtedly a bright spot. As a bright new star, the Beijing Stock Exchange has stepped out of thousands of troops in a short period of time and has become a well-deserved "leader" in the A** field.
Last year, the Beijing Stock Exchange became a well-deserved "leader" CFP in the A** market
Behind the unique scenery, it is inseparable from the support of favorable policies. On September 1, the China Securities Regulatory Commission issued the "Opinions on the High-quality Construction of the Beijing ** Exchange", which pointed out the direction for the high-quality development of the Beijing Stock Exchange. On the same day, the Beijing Stock Exchange and the National Equities Exchange and Quotations Company launched the first batch of eight reform and innovation measures, involving investor suitability, listing conditions implementation standards, issue floor price and other aspects, marking the start of the comprehensive reform of the Beijing Stock Exchange.
The rise of the Beijing Stock Exchange has provided a new financing platform for small and medium-sized enterprises, and also injected diversified fresh blood into the capital market. In the future, with the continuous development and growth of the Beijing Stock Exchange, it is expected to become a new engine leading the innovation and development of China's capital market.
Full registration system for A-shares
On April 10, 2023, the A** market ushered in a historic moment: the first batch of 10 new shares under the main board registration-based system were listed, marking that China's capital market has officially entered the era of comprehensive registration-based system.
The implementation of the comprehensive registration system means that the A** market issuance review system will be more transparent, standardized and efficient. Under the registration system, the review process for the listing and issuance of enterprises will be simplified, which will help more high-quality enterprises enter the capital market and improve market vitality and inclusiveness.
With the ** Politburo meeting clearly stated to activate the capital market and boost investor confidence. The China Securities Regulatory Commission (CSRC) has issued a package of policy measures, including optimizing the conditions for issuance and listing, strengthening market supervision, and promoting the quality improvement of listed companies.
In addition, the Ministry of Finance also announced a reduction in the stamp duty on ** transactions to reduce the burden on investors. The "magic wand" of reform is stimulating the vitality of the market and promoting the healthy development of the capital market.
New energy vehicles have become the new driving force
China's auto exports have achieved phenomenal growth in 2023, reaching 4.91 million units for the whole year, a year-on-year increase of 579%, which is expected to become the world's largest exporter of automobiles.
Behind this achievement, it is inseparable from the rapid development of new energy vehicles, which has become a new driving force for the growth of China's automobile exports. From design, performance, quality and reputation, the outstanding performance of China's new energy vehicles has been recognized by the global market and has shown strong competitiveness in the global market.
The rise of China's leading enterprises is not only a digital leap, but also a symbol of China's manufacturing strength. The development process of China's leading enterprises is a vivid portrayal of China's continuous pursuit of innovation, quality improvement and market expansion. With the rapid development of new energy vehicles, China will continue to maintain a strong growth momentum and add more brilliance to the overall image of Made in China.
Edited by Qu Yang.
Editor-in-charge: Bai Kui.
Proofreading by Zhang Bo Zhang Xuehui.
* Legal Person Magazine, Issue 240, February 2024.