Wu Qing, the chairman of the China Securities Regulatory Commission who has just been in office for less than a month, recently made his first appearance in front of the public and immediately became the focus of attention of the whole market.
On March 6, at the second session of the 14th National People's Congress, Wu Qing introduced his concept of managing the capital market in detail for the first time, and made it clear that the new focus of supervision is "double strong and double strict". He stressed that while following the principles of marketization and rule of law, it is necessary to attach importance to strengthening the essence and foundation of the market, strictly supervise market behavior in accordance with the law, and strictly manage the internal team.
Wu Qing mentioned with a hint of humility, "I have been the chairman of the CSRC for less than a month, and I am one day short. He said frankly that he is deeply understanding and implementing the decision-making arrangements on the capital market through a combination of learning and practice, and actively promoting the implementation of these decisions. He also stressed the importance of learning from the market and actively collecting and analysing information.
Wu Qing pointed out that some basic issues often discussed in the market, such as the balance between investment and financing, and the relationship between fairness and efficiency, are worthy of in-depth study. He explained that investment and financing are two inseparable parts of the capital market, and only by achieving a balance between the two can the capital market maintain a virtuous cycle and sustained vitality. As for fairness and efficiency, he stressed that these two are the cornerstones of the capital market, and it is necessary to ensure the fairness of transactions, the rationality of pricing and the efficient allocation of resources to promote high-quality development.
Wu Qing also particularly stressed the importance of protecting the rights and interests of small and medium-sized investors, and he believes that this is not only the core work of the China Securities Regulatory Commission, but also directly reflects the political and people's nature of the capital market supervision work.
Looking forward to the future, Wu Qing said that he will continue to deeply understand and implement the spirit of the first financial work conference, adhere to the main line of supervision, risk prevention and development, and follow the principles of marketization and rule of law. He stressed that while respecting the laws of the market, economy and innovation, it is also necessary to abide by laws, contracts and international technical standards to promote the high-quality development of the capital market.
Wu Qing emphasized the two core concepts of supervising the capital market: strengthening the foundation and strict management. He pointed out that although China's capital market has become the second largest in the world, it still needs to be strengthened at multiple levels. Market volatility reveals some fundamental issues that require us to recognise that investors are at the heart of the market. The management must treat investors with sincerity and strengthen their protection through legal, institutional, law enforcement and judicial means, so as to enhance their confidence and trust in the market and attract more investors to participate. In addition, improving the quality of listed companies is also key to ensure that companies can optimize their development and enhance their role as market players.
From the perspective of "strengthening the foundation and strengthening the foundation", Wu Qing proposed that reform and opening up should be deepened in an all-round way to lay a solid institutional foundation for the high-quality development of the capital market. This includes working with all parties, including industry authorities, shareholders and local governments, to work together to improve the quality of entities and provide a better environment for them to grow.
In terms of "strict management", Wu Qing stressed that supervision should be carried out in accordance with the law, with comprehensive coverage, strengthening the supervision of institutions, behavior supervision and functional supervision, and implementing penetrating and continuous supervision. The China Securities Regulatory Commission (CSRC) will speed up efforts to make up for the shortcomings of supervision, intervene early in problematic institutions and enterprises, deal with various risks in a timely manner, and severely crack down on all kinds of violations, especially major violations such as counterfeiting and fraud, market manipulation and insider trading.
In addition, Wu Qing also mentioned that the China Securities Regulatory Commission will strengthen internal management, build a strong regulatory team in terms of politics, professionalism, style and integrity, and ensure the effectiveness and seriousness of regulatory work.
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