Xinhua News Agency, Beijing, March 6 (Xinhua) -- China ** Daily published an article on March 6 entitled "Promoting the Reform of the Investment Side and Enhancing the Internal Stability of the Market". According to the article, the first work report submitted for consideration on the 5th proposed to enhance the internal stability of the capital market. Experts believe that this clarifies the focus of the current and next stage of capital market reform and development, and will help further boost market confidence.
Many deputies and members interviewed by a reporter from China ** News believe that it is necessary to make greater efforts to attract long-term funds into the market and realize "long-money" long-term investment, further improve the quality of listed companies with stronger joint efforts, continue to increase the cost of violations of laws and regulations with stricter supervision, continue to deepen the reform of the investment side, enhance the internal stability of the capital market, and promote the steady and healthy development of the capital market.
Continue to expand the scale of "long money".
The deputies and committee members believe that to enhance the internal stability of the capital market, it is necessary to speed up the reform of the investment side, promote the balance of investment and financing, especially continue to optimize the relevant institutional arrangements, and expand the scale of medium and long-term funds in the capital market.
Enhancing the intrinsic stability of the capital market is the policy guidance of a series of reform measures of the regulatory authorities in the near future and in the future. Tian Xuan, deputy dean of the National People's Congress and deputy dean of the PBC School of Finance of Tsinghua University, said that it is necessary to earnestly implement the nine-character policy of "building a system, non-intervention, and zero tolerance", and focus on the construction and improvement of the supply side of the capital market system and the improvement of the quality of the asset supply side.
Information**. Xinhua News Agency).
To accelerate the reform of the investment side, it is necessary for multiple departments to strengthen coordination and cohesion. Tian Xuan suggested that cross-ministry communication and policy coordination should be continuously strengthened to jointly promote the reform of the investment side. Jia Wenqin, deputy to the National People's Congress and director of the Beijing Securities Regulatory Bureau, suggested that the introduction of medium and long-term funds should be strengthened to strengthen policy coordination and regulatory cooperation, and under the overall coordination of the Financial Commission, strengthen exchanges and exchanges between financial regulatory departments, financial departments, and human resources and social security departments, and make efforts in the same direction to form a joint force.
The reform of the investment side is a systematic project, and it is necessary to strengthen the overall coordination with the financing side and the transaction side, and give full play to the overall advantages of the system reform in cultivating long-term funds. Jia Wenqin suggested that the top-level design of medium and long-term capital entry into the market should be strengthened. Promote the comprehensive establishment of a long-term assessment mechanism for all kinds of medium and long-term funds for more than 3 years. Establish a multi-level cohesive, coordinated and unified assessment system for investment management institutions, investment managers, products and portfolios, guide institutions to establish and improve a management system that is compatible with long-term assessment in an all-round way, and effectively change the concept and habit of focusing on annual assessment in the past.
In addition, Jia Wenqin suggested that multiple measures should be taken to increase the proportion of pension equity investment. Promote the improvement of the relevant system rules of annuity investment management, study the division of annuity into different investment portfolios according to risk appetite, implement differentiated investment operations, and appropriately increase the proportion of equity investment for those with strong risk tolerance and a long time from retirement.
Vigorously improve the quality of listed companies.
The deputies and committee members held that in order to enhance the internal stability of the capital market, improving the quality of listed companies is the key starting point.
Improving the endogenous quality of listed companies, enhancing the core competitiveness of enterprises, guiding listed companies to actively return investors, and expanding dividends are all conducive to improving the stability of the capital market. Sha Yan, deputy to the National People's Congress and chairman of the Shenzhen ** Exchange, said.
To improve the quality of listed companies, it is necessary not only to do a good job of "entry" but also to smooth the "exit" and improve the function of survival of the fittest in the market. Yang Changchang, a member of the National Committee of the Chinese People's Political Consultative Conference and chief economist of Shenwan Hongyuan Research Institute, suggested that on the one hand, we should strictly control the quality from the source and let the truly high-quality companies go public; On the other hand, delisting plays an important role in promoting high-quality development, and it is necessary to increase the intensity of restructuring and delisting.
Tian Xuan believes that a set of "combination punches" to help improve the quality of listed companies should be constructed. Through the implementation of a series of detailed rules to improve the governance level of listed companies, we will lay a solid foundation for the development of listed companies and expand the development vitality of listed companies. At the same time, we will further improve the delisting system and strictly control the "export" of the market. Quantitative and qualitative standards are combined to set corresponding delisting standards for listed companies at different levels and strengthen the enforceability of delisting standards. Further optimize the delisting process. Clarify the time node of the delisting process, increase the implementation of delisting, further compress the delisting links with overlapping functions, implement the mandatory delisting mechanism, strengthen the front-line regulatory functions of the exchange, and prevent companies from "stopping but not withdrawing". In addition, the supervision of delisting will be further strengthened.
Intensify the crackdown on violations of laws and regulations.
The deputies and committee members believe that strengthening the supervision of the capital market and comprehensively improving the efficiency of "zero tolerance" law enforcement is a powerful guarantee for enhancing the internal stability of the capital market.
Sha Yan said that it is necessary to adhere to the investor-oriented principle and enhance the endogenous power and internal stability of the capital market. It is recommended to intensify the crackdown on violations of laws and regulations in the capital market and form a three-dimensional accountability system.
Some deputies and committee members held that it is necessary to ensure the good laws and good governance of the capital market in terms of systems and speed up the revision of legislation in various fields. Tian Xuan suggested that the linkage revision of the Criminal Law and the ** Law should be promoted, the proportion of offenders in the capital market and the upper limit of the sentence should be increased, the penalty amount should be determined on the basis of the amount of illegal profits, and the administrative punishment should be increased, so as to greatly increase the cost of violations of laws and regulations, and vigorously create an atmosphere of "dare not violate and do not want to violate".
In terms of further improving the legal liability system, Luo Wei, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and a first-level inspector of the Office of the Punishment Committee of the China Securities Regulatory Commission, suggested that a separate legal liability clause for third parties cooperating with financial fraud of listed companies (issuers) should be formulated. Drawing on the practice of criminalizing aiders and accomplices separately in the criminal field, the act of a third party cooperating with issuers and listed companies to commit financial fraud is stipulated as an independent illegal act. (ENDS).