Economic Observer reporter Cai YuekunOn February 29, the reporter learned that Tian Xuan, deputy to the 14th National People's Congress and deputy dean of PBC School of Finance of Tsinghua University, will put forward four proposals during the two sessions in 2024, namely "Suggestions on Strengthening Policy Synergy to Further Optimize the Business Environment for Foreign Investment", "Suggestions on Strengthening Financial Ethics Education and Ensuring "Financial Goodness as an Entity", "Suggestions on Implementing the "T+0" Trading System to Ensure the Dynamic Balance of Investment and Financing" Suggestions on Increasing Policy Support to Promote the High-quality Development of Overseas Chinese Enterprises.
Among them, the content of the proposal on the proposal to gradually restore the T+0** trading system on a pilot basis has received widespread attention.
Tian Xuan said that from the perspective of the trading system, China's current T+1 trading system can no longer meet the needs of the construction of a healthy investment ecology in the context of the comprehensive registration system. The implementation of a more flexible and fair trading system will be an important starting point for enhancing investors' sense of gain and achieving a dynamic balance between the two ends of market investment and financing in the short term.
Tian Xuan said that under the current market T+1 trading system, once there is a large fluctuation in the market on the same day, large institutional investors can use stock indexes, ETF arbitrage, margin financing and securities lending reverse operations to make up for losses or even make profits, while small and medium-sized investors once they make mistakes, the day's losses cannot be recovered. This is not only contrary to the principle of market fairness, but will also have an adverse impact on the stability of financial markets.
Tian Xuan suggested,The T+0** trading system will be gradually restored on a pilot basis. Pilot and gradually expand the scope of the T+0 trading system for blue-chip stocks in the main board market; Pilot T+0 among individual investors first, and then transition to institutional investors when it matures; Pilot a single T+0 per day, and transition to multiple T+0 per day after maturity until it is fully covered. The study of the single T+0 trading system of the Shanghai Stock Exchange can be taken as a starting point, and the T+0 trading system can be gradually and orderly promoted from the main board market to other sectors in an orderly manner, and finally achieve full coverage in the A-share sector, and gradually unify the rise and fall standards of each sector. Supporting risk supervision measures have been introduced to prevent large market fluctuations.
Adopt a margin systemRisk supervision measures such as regular assessment of investor accounts and restrictions on non-performing trading accounts prevent risks that may be brought about by the T+0 system and maintain market stability. At the same time, more precise investor suitability management should be adopted. When setting the entry threshold for investors, investors are differentiated from the perspectives of asset size and investment experience, and measures such as separate management of account amounts, the implementation of a special ** system, and the limitation of T+0 transaction frequency or transaction size are adopted to prevent investment risks.
Strictly implement the "** Law" and improve the legal supervision of ** transactions. Improve the construction of the market monitoring system and the early warning system for transactions, and discover abnormal transactions in a timely manner. Introduce and strictly implement the accountability and punishment mechanism for the follow-up of the issuance, strengthen the linkage mechanism of various departments, severely crack down on illegal acts such as market manipulation and insider trading, and increase the degree of punishment. Further promote the revision of the Criminal Law, pursue individual responsibility, raise the upper limit of sentences, and greatly increase the cost of violating the law and committing crimes.