The Financial Commission has determined a 15-character work policy and set a heavy tone——

Governing the city according to law is neither missing nor offside

Economic Daily · China Economic Net reporter Zhu Huichun

At present, the epidemic situation of New Coronary Pneumonia continues to spread globally, and the downside risks of the world economy are increasing. In this situation, the Financial Commission has determined the working principle of "stabilizing expectations, expanding total amount, classifying and grasping, renewal period, and creating tools", put forward the role of capital market hub, continuously strengthen basic system construction, and resolutely combat all kinds of counterfeiting And fraudulent activities, relax and remove regulations that do not meet development needs, and increase market activity. This strongly supports the stable and healthy development of the capital market and eases market worries——

At present, the epidemic situation of New Coronary Pneumonia continues to spread globally, the downside risks of the world economy are intensified, and the uncertainties have increased significantly. In a critical period, the Standing Committee of the Political Bureau of the CPC Central Committee held a meeting and made it clear that we must continue to accelerate the full recovery of production and life in the normalization of epidemic prevention and control, and urgently resolve the difficulties and problems faced by resumption of production and strive to reduce the losses caused by the epidemic. To the minimum.

To this end, the Financial Stability Development Committee of the State Council (hereinafter referred to as the Financial Commission) proposed to play a pivotal role in the capital market, continue to strengthen the basic system construction, resolutely combat all kinds of fraud and fraud, relax and cancel regulations that do not meet development needs, and improve the market Activity.

Pan Xiangdong, chief economist of New Era Securities, said that the Finance Committee summarized the recent progress of financial support for epidemic prevention and control and economic and social development, deployed the next phase of key tasks, and delivered an important signal-the financial industry will support multiple measures to resume work Production and promote economic and social development order to return to normal.

Financial water nourishes the real economy

Finance serves the real economy and is one of the core goals of the reform and opening up of the financial industry. Since the outbreak of the epidemic, the Finance Committee has determined the work policy of "stabilizing expectations, expanding the total amount, classifying and grasping, renewing the period, creating tools" in accordance with the Party Central Committee and the State Council's decision-making and deployment of advancing the prevention and control of the epidemic and economic and social development. The market opened normally, continuously expanding the low-cost financing channels of enterprises, and fully supporting the resumption of production and production of enterprises, and made important contributions to maintaining the overall situation of stable economic development.

Among them, a major task is to give full play to the role of capital market hub. Industry experts said that the stable and healthy development of the capital market will effectively alleviate market worries and effectively cut off the transmission chain of financial risks, so that the flowing water of the capital market will continuously moisturize the real economy. Therefore, it is essential to make better use of the pivotal function of the capital market. The reform of the capital market should place the support for the recovery of the real economy in a more prominent position, and smooth the industrial cycle, market cycle, and economic and social cycle.

Li Chao, vice chairman of the China Securities Regulatory Commission, said that capital market reform and opening up will not be affected by the epidemic. The CSRC will continue to increase its efforts in accordance with the published work priorities, and strive to create a standardized, transparent, open, dynamic and resilient capital market.

"To better play the role of the capital market hub is reflected in the effective connection between investment and financing. The key is to improve market efficiency, institutional efficiency, innovation efficiency and regulatory efficiency." An Qingsong, party secretary and executive vice president of the China Securities Association, said.

Li Kang, chief economist of Xiangcai Securities, said that under the severe and complex international epidemic situation and economic situation, better playing the role of the capital market hub is an important starting point for balancing epidemic prevention and control and resuming work.

Must respect market service market

During the epidemic, the Finance Committee has held several meetings successively to determine the 15-word working policy of "stabilizing expectations, expanding the total amount, classifying and grasping, renewing the period, creating tools".

In terms of stable expectations. Guotai Junan Chief Economist Hua Changchun said that under the impact of the epidemic, capital market fluctuations will inevitably impact the real economy. Under this circumstance, the central bank increased public market launches, and finally achieved the normal opening and stable operation of the stock market.

In terms of total expansion. At the beginning of the year, the central bank comprehensively lowered the standard by 0.5 percentage points and released about 800 billion yuan of long-term funds. Since then, it has released liquidity of about 950 billion yuan through inclusive reduction and targeted reduction of total liquidity, releasing a total of 1.75 trillion yuan of long-term funds, adding 18,000 The refinancing and re-discounting of 100 million yuan has effectively supported the resumption of production of small and medium-sized enterprises in key areas.

In terms of classification and renewal period. For industries heavily affected by the epidemic, the Finance Committee encourages commercial banks to ease the pressure on corporate cash flow through renewal and renewal of loans. For key regions and epidemic prevention companies, financial interest discounts are adopted to achieve the target of interest costs below 1.26%.

In terms of creating tools. The central bank decided to reduce the interest rate for excess deposit reserves of financial institutions in the central bank from 0.72% to 0.35% from April 7. This is the first time that the lower limit of the interest rate corridor has been reduced since 2008, which will help reduce arbitrage and stimulate the enthusiasm of commercial banks.

At the same time, the Securities Regulatory Commission cleaned up the current securities and futures rules and regulations, amended some of the provisions, and reserved space for deepening market-oriented reforms. Yi Huiman, chairman of the China Securities Regulatory Commission, said that the market must be respected, the laws must be respected, and the laws must be followed to unswervingly promote the healthy development of the capital market.

An Qingsong said that the capital market has extremely strong market attributes and extremely high standards. It must be based on rules, reduce administrative intervention, give full play to the market ’s decisive role in resource allocation, and improve the efficiency of the capital market system.

"Respecting the market and servicing the market will effectively enhance market vitality and confidence." Said Ma Wensheng, part-time vice chairman of China Futures Association and chairman of Xinhu Futures.

Government supervision and market supervision should be in place simultaneously

"Currently, the regulatory positioning of the capital market has changed. On the one hand, it is necessary to strengthen the rule of law to govern the city and strengthen supervision and punishment of fraud; on the other hand, it is necessary to adhere to the principle of regulatory neutrality, reduce administrative intervention, and rule by law. In the course of the market, we can neither be absent nor offside. "Said Liu Feng, chief economist of Galaxy Securities.

Experts said that resolutely combating all kinds of fraud and fraud, as well as relaxing and eliminating regulations that do not meet development needs, are two sides in one. Strengthening supervision and deregulation are indispensable, and both hands must be grasped hard.

Recently, the China Securities Regulatory Commission announced the "Decision on Amending Some Securities and Futures Regulations." It is also clarified that in the major asset restructuring activities of listed companies in the issuance of shares to purchase assets (including restructuring and listing), if the underlying asset financial information conceals important facts or fabricates major false content, it should also be deemed to be a fraudulent issuance, so that the previously controversial issued shares The fraud of purchasing assets (including restructuring and listing) is officially included in the scope of fraudulent issuance.

Li Kang believes that the current problem facing China's capital market is that the basic laws and regulations are relatively sound, but the deterrence against market fraud still needs to be strengthened. At the same time, it also faces the problem of restoring mutual trust between investors and financiers. Therefore, it is necessary to take "strengthening supervision and deregulation" as the direction of capital market reform and actively introduce relevant policies to better play the role of capital market hub.

"The capital market is in the reform window, we must adhere to the direction of market-oriented and rule-of-law reform, withdraw the rules and regulations that are not suitable for market development, let long-term funds and compliant funds enter the market, and increase market activity." Chief Economist of Zhongtai Securities Li Xunlei said.

An Qingsong said that the "rigidity" of administrative supervision has affected the formation of market vitality and resilience to a certain extent. From the perspective of international experience, the key for regulators to reduce interventions and achieve better management is to form an effective market restraint mechanism.

"The fight against counterfeiting and fraud is the basic principle that China's securities laws and related regulatory measures have always adhered to." Hua Changchun said that only when government supervision and market supervision are in place can we effectively combat various counterfeiting and fraud and avoid it. "Bad money drives out good money." At the same time, Hua Changchun also said that after the current "short" research on a small number of Chinese companies in muddy waters and other institutions, they can still express "relaxation and cancellation of regulations that do not meet the needs of development and increase market activity", indicating that China ’s The determination to reform and open the market is very big.