Wu Qing, who has been the chairman of China's ** Supervision and Administration Commission for less than a month, made his first public appearance.
On March 6, the Second Session of the 14th National People's Congress held a press conference in the press conference hall of the Media Center, and Wu Qing answered many questions of market concern when answering questions from Chinese and foreign reporters.
Wu Qing said frankly that he has not yet arrived at the post for a full moon, and he is still a rookie. He is combing through a huge amount of information and is still in the process of learning.
However, on the next step, Wu Qing has a clear context, he said, to further promote the high-quality development of the capital market, from the regulatory aspect, the most important thing is two key words: one is strong, the other is strict. To be strong, we must strengthen the foundation and strengthen the foundation. Strict, we must strictly supervise and strictly manage.
When talking about the operation of the market, Wu Qing said that the market operation has its own laws, and it should not be intervened under normal circumstances, but when the market is seriously detached from the fundamentals, there is an irrational and violent **, liquidity depletion, market panic, serious lack of confidence and other extreme situations, the decisive action should be taken to correct market failure, the China Securities Regulatory Commission has some effective practices, and will also improve the relevant mechanisms to resolutely prevent the occurrence of systemic risks.
At the press conference, Wu Qing also mentioned the importance of investor protection several times, he said, "In a market where small and medium-sized investors account for the vast majority of small and medium-sized investors like ours, protecting the legitimate rights and interests of investors, especially small and medium-sized investors, is the most important core task of the work of the China Securities Regulatory Commission. ”
The following are the top 10 points sorted out by The Paper reporters.
Point 1: "Can only be regarded as a rookie".
When answering a reporter's question, Wu Qing said that he has not yet been "full moon" when he arrives as chairman of the China Securities Regulatory Commission, and he is still studying and working at the same time, focusing on learning. On the one hand, we should further study and comprehend the decision-making and deployment of the capital market work, and pay close attention to the implementation. On the other hand, learn from the market through research, including listening to opinions and suggestions from all parties online and offline.
I think some of the most important basic issues that you have mentioned a lot are some of the basic issues that this reporter just talked about, some of the issues involved in the basic functions of our market. For example, how to grasp investment and financing, fairness and efficiency, are all worthy of serious study. Wu Qing said.
Point 2: Pay special attention to the issue of fairness.
In terms of investment and financing, Wu Qing said that investment and financing are two sides of the same coin, two parts that cannot be separated, there is no buyer and no seller, and only the balanced development of investment and financing can form a virtuous circle and have lasting vitality.
With regard to fairness and efficiency, Wu Qing pointed out that fairness and efficiency are the basic issues of the capital market, and it is necessary to conduct fair transactions, set prices reasonably, allocate resources efficiently, and promote high-quality development, so that the capital market can have lasting vitality. Due to the different participants in the market, there are many differences in capital, technology, information and other aspects, so regulators need to pay special attention to the issue of fairness, and take openness, fairness and justice as the most important market principles.
Wu Qing stressed: In a market where small and medium-sized investors account for the vast majority, it is necessary to protect the legitimate rights and interests of investors, especially small and medium-sized investors, which is the most important core task of the CSRC's work, and this is also a direct manifestation of the political and popular nature of the capital market supervision work.
Point 3: Strengthen the foundation and strictly supervise and manage.
For the next step, Wu Qing said that he is still further combing, in-depth implementation of the spirit of the first financial work conference, firmly grasp the main line of strong supervision, risk prevention, and development, adhere to the principle of marketization and rule of law, and respect the law and rules. Respect for the law is to respect the law of the market, respect the law of the economy, respect the law of innovation; Respecting rules means respecting laws, contracts, and internationally accepted technical norms, so as to further promote the high-quality development of the capital market.
Wu Qing said that from the perspective of supervision, it is important to have two key issues, one is strong and the other is strict.
To be strong is to strengthen the foundation and strengthen the foundation. China's capital market is now the second largest in the world, but it is not strong enough. The fluctuations in the market some time ago have once again exposed some deep-seated problems, and we should realize that investors are the foundation of the market, better serve investors, further strengthen the protection of investors in terms of law, institutional supervision, law enforcement, and justice, and further enhance investors' confidence and trust in the market, so as to attract more investors. At the same time, we must also focus on improving the quality of listed companies, so that enterprises can better play their main role and enhance investment value. The China Securities Regulatory Commission will also work with industry authorities, shareholder units, local governments, etc., to work together to promote it, so that entities can become better and stronger, and create a better environment. From a fundamental point of view, we must unswervingly deepen reform and opening up in an all-round way and consolidate the institutional foundation for the high-quality development of the capital market.
As for strictness, it means strict supervision and strict management, that is, strict supervision of the market in accordance with the law, and strict management of the contingent in accordance with discipline.
Wu Qing said that the first financial work conference clearly stated that it is necessary to achieve full coverage of supervision and strengthen institutional supervision, behavior supervision, functional supervision, penetrating supervision, and continuous supervision. We will conscientiously benchmark against the table, and comprehensively review and accelerate the completion of the shortcomings and weaknesses of supervision in various fields, entities and links such as the ** market, bond market, ** and derivatives market.
We will keep our eyes open, strengthen early correction of problematic institutions and enterprises, deal with all kinds of risks as soon as possible, crack down on all kinds of violations of laws and regulations, and focus on cracking down on major violations of laws and regulations in key areas. In particular, some illegal acts that touch the bottom line, such as counterfeiting and fraud, market manipulation, insider trading, etc., must be severely cracked down. In terms of team management, we will turn the blade inward, strictly grasp the strict management, and truly live hard in politics, professionalism, style, and integrity, and build an iron army of supervision. Wu Qing said.
Point 4: How to improve the quality of listed companies?
In response to reporters' questions, Wu Qing said that the primary responsibility of the China Securities Regulatory Commission is first of all to do a good job in supervision, the supervision of the whole chain and all links, and work together with all parties to create a good market ecology and a first-class business environment, so that listed companies can further improve governance, further transparent information, focus more on the main business, optimize resource allocation, operate more steadily, and better return investors. From the perspective of supervision, there are several main aspects to further improve the quality of listed companies: first, do a good job in the supervision of imports; Second, do a good job of continuous supervision; Third, do a good job in export supervision; Fourth, the implementation of responsibilities.
Of course, it is necessary to emphasize that in improving the quality of listed companies, in the process of supervising listed companies, including issuance and listing, mergers and acquisitions, equity incentives, etc., these systems also need to keep pace with the times, further adapt to the needs of the development of new quality productivity, develop the characteristics of new quality productivity, carry out some necessary adjustment and improvement of systems and policies, enhance the inclusiveness and adaptability of relevant systems, and also enable enterprises with real potential to grow and expand with the support of the capital market, and continuously improve the structure of listed companies. So that investors can better share the fruits of high-quality economic development. Wu Qing said.
Point 5: The IPO listing of enterprises must not be for the purpose of "making money".
Wu Qing said that it is necessary to strictly control the entrance of the IPO and multiply the coverage of on-site inspections. Wu Qing stressed that the IPO listing of enterprises must not be for the purpose of collecting money, let alone allowing fraud and fraudulent listing, so all aspects of the registration review must be in accordance with laws and regulations, strict and strict, urge the issuer to be true, accurate and complete disclosure of his information, and make every effort to keep the counterfeiters out of the capital market.
At present, the China Securities Regulatory Commission (CSRC) conducts sampling and on-site inspections of IPO companies under review, and the exchange will also conduct on-site inspections, but Wu Qing believes that the coverage of on-site inspections and on-site inspections is very limited.
The next step will be to double and greatly increase the coverage of on-site inspections, and to further intensify investigation and punishment when clues of violations of laws and regulations are discovered. Wu Qing said that the declaration should be responsible, so as to force the issuer to further improve the quality of his declaration, and also force the intermediary to perform the level of professional services and be more diligent and responsible.
Point 6: Strengthen post-listing supervision.
Wu Qing revealed that the China Securities Regulatory Commission is currently focusing on three things.
The first is to prevent counterfeiting and fight counterfeiting. At present, the China Securities Regulatory Commission is working with relevant departments to build a comprehensive punishment and prevention system, strengthen penetrating supervision, and seriously rectify and crack down on financial fraud and illegal acts of embezzling the interests of listed companies.
The second is to standardize the system, and further plug the loopholes in the system for some violations of the rules through "technical" divorce, securities lending and selling, refinancing and other detours. For major shareholders, actual controllers and other violations, it is necessary to crack down on them in accordance with the law.
The third is to promote dividends. Wu Qing said that in recent years, the dividend situation of A-share listed companies has continued to improve, but there are many companies that do not pay dividends all year round, and the stability, timeliness and predictability of dividends need to be further improved. For companies that have not paid dividends for many years, or have a low dividend ratio, the CSRC will also take hard measures according to different situations, including restricting controlling shareholders**, implementing ST risk warnings, etc.; At the same time, it will also promote qualified companies to pay dividends multiple times a year, "especially to encourage dividends before the Spring Festival, so that everyone can enjoy the New Year."
Point 7: Increase delisting.
Wu Qing further said that the regulator will take action to increase the intensity of delisting. On the one hand, we will set stricter standards for compulsory delisting, so that we can withdraw as much as possible, and on the other hand, we will improve various policies such as absorption and merger, further broaden the channels for diversified exits, and encourage and promote some listed companies to take the initiative to delist, and the next step will be to enter and exit.
In terms of compacting responsibility, Wu Qing also stressed that to improve the quality of listed companies, enterprises must shoulder the first responsibility, the main responsibility, the controlling shareholder, the actual controller, directors, supervisors and senior executives as the key minority of the enterprise must stand in front, regulatory departments, industry authorities, local authorities, service agencies, professional intermediaries must be responsible for their own responsibilities, responsibility.
Point 8: The surname of the listed company is "Gong".
When it comes to enhancing the internal stability of the capital market, Wu Qing said that this is exactly what the China Securities Regulatory Commission is doing at present.
From the perspective of regulators, pay attention to the construction of the internal stability mechanism of the capital market and enhance the resilience of the market, which is a work that needs to be studied and worked hard to do well, and this is a systematic work, we must adhere to systematic thinking, bottom-line thinking, limit thinking, and comprehensive policy.
Wu Qing proposed that to promote the construction of the internal stability mechanism of the market, at least "one cornerstone" and "five pillars" are needed.
A cornerstone" is a high-quality listed company. Wu Qing pointed out that the issuer must be of high quality, and the listed company must first have good governance, stable returns or expected growth. Major shareholders, actual controllers and management must keep in mind that the listed company is a public company, and must have the awareness of the surname "public", be responsible to the public, and continue to improve the investment value.
Point 9: What are the "Five Pillars"?
Regarding the "five pillars", Wu Qing said that the first is a more reasonable funding structure. In this market, both long and short money are needed, but what is more lacking is long money, and what is also lacking is long-termism, and we also need to adhere to the concept of value investment, rational investment, and long-term investment, which is one thing we strive to promote.
The second is a more complete basic system. The normative requirements of the capital market are extremely high, and it is necessary to continuously deepen the reform to make the basic systems solid and enhance the adaptability, stability and predictability of the systems. For example, regardless of the primary market or the secondary market, it is necessary to further improve the pricing system and pricing mechanism, and better discover and allocate resources through the orderly, fair and full participation of all participants in the game. For another example, quantitative trading is also a hot topic for everyone, how to pursue advantages and avoid disadvantages according to our national conditions and market conditions, further highlight fairness, effectively supervise, and standardize development, which is also an institutional arrangement that needs to be further improved.
The third is a more effective market regulation mechanism. Market supply and demand are the decisive factors for the market to adjust spontaneously and self-balance, such as how to effectively connect the primary market and the secondary market, orderly circulation, and achieve coordinated development, this mechanism needs to be further smoothed.
The fourth is better professional services. Including ** companies, ** companies, ** companies, investment management institutions, accounting law firms, evaluation and rating agencies, etc., must further return to the origin, be diligent and responsible, put functionality in the first place, and constantly improve the level of professional services, check the market well, and provide higher quality services.
The fifth is stricter regulatory enforcement. The China Securities Regulatory Commission has recently taken some stricter law enforcement actions, and we will continue to strictly enforce the law, strengthen the docking of executions for some major violations of laws and regulations, and involve crimes, and some will pursue civil liability while pursuing criminal liability. A few days ago, a number of cases of market manipulation and insider trading that were to be investigated for criminal responsibility were just transferred, with the aim of maintaining the order of the "three publics" in the market, more effectively and effectively protecting the legitimate rights and interests of investors, making the market more upright, creating a fine market ecological environment, and allowing all participants in the market to uphold the law and be trustworthy and fulfill their responsibilities. This is essential to stabilize the operation of the market.
Point 10: "Strike decisively".
Wu Qing stressed: It is necessary to see that the operation of the market has its own laws, and we should not intervene under normal circumstances. However, once the market is seriously detached from fundamentals, there are extreme situations such as irrational violence**, liquidity depletion, market panic, and serious lack of confidence, it is time to take decisive action to correct market failures.
In this regard, we already have some effective practices, and we will improve the relevant mechanisms to resolutely prevent the occurrence of systemic risks. Wu Qing said.
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