China Securities Regulatory Commission: my country's capital market will change to a comprehensive institutional opening

  At the Bund Financial Summit yesterday (24th), Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that expanding the opening of the capital market is conducive to promoting the smooth docking of domestic and international circulation and enhancing the adaptability of financial services to the real economy.

In the future, on the basis of steadily advancing the all-round opening of markets, products, and institutions, my country will promote the transformation of China's capital market to a comprehensive institutional opening.

  Fang Xinghai said that in recent years, the proportion of foreign institutional investors holding A shares has increased significantly, which fully reflects the recognition of global investors for A shares and China’s economic development prospects, and has played an active role in effectively responding to the impact of the epidemic and maintaining stable market operations. .

In the next step, the China Securities Regulatory Commission will promote the full opening of China's capital market in more areas.

  Fang Xinghai, Vice Chairman of China Securities Regulatory Commission: To study and introduce more channels and methods for foreign participation in the domestic market.

Efforts will be made to resolve the concerns of international investors and increase the proportion of A-shares included in MSCI and other international indexes.

Study and improve the Shanghai-London Stock Connect system to cover major European capital markets.

Expand the direct entry channels for foreign institutional investors in the exchange bond market.

Further expand the scope of opening up futures products to better meet the risk management needs of domestic and foreign entities and investment institutions.

Promote the transformation of China's capital market from partial pipeline opening to full institutional opening.

  Fang Xinghai said that in the future, my country will also establish and improve systems for foreign companies to issue CDRs in the domestic market and secondary listings in the country to introduce more high-quality listed companies to my country's capital market.

In addition, it is necessary to further deepen international regulatory cooperation.

  Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission: We will always uphold an open attitude and sincerity in cooperation, actively strengthen extensive cooperation with overseas regulatory agencies and international financial organizations, and jointly promote the resolution of issues related to the audit and supervision of Chinese concept stock companies, and earnestly maintain The legal rights and interests of investors from all countries.

Severely crack down on financial fraud in cross-border listings and securities issuance, and safeguard the international image of Chinese enterprises.

Oppose all actions that artificially block the international circulation of capital.

Ministry of Finance: Fiscal and financial policies work together to boost my country's economic recovery

  To cope with the impact of the epidemic, my country's fiscal policy has been more proactive this year, and its monetary policy must be more flexible, appropriate, and precise.

So how do fiscal and financial policies contribute to the "six stability" and "six guarantees"?

At the Bund Financial Summit yesterday (24th), Vice Minister of Finance Zou Jiayi analyzed this.

  Zou Jiayi said that after the outbreak, the Chinese government quickly adopted effective macroeconomic policies to strengthen counter-cyclical adjustments, stabilize economic fundamentals, and increase government investment to expand domestic demand.

  Zou Jiayi, Vice Minister of Finance: Raise the fiscal deficit rate to over 3.6%, arrange for a general budget deficit of 3.76 trillion yuan, issue anti-epidemic special treasury bonds of 1 trillion yuan, and arrange for local government special bonds to be 3.75 trillion yuan.

The combined scale of these government-issued bonds has reached 8.51 trillion yuan.

Such policy strength is to stabilize the fundamentals of the macro economy, boost market confidence, and create a good macro policy environment for financial stability.

  At the same time, targeted tax and fee reduction measures have been introduced, and it is expected that this year's new tax reduction for market players will exceed 2.5 trillion yuan.

Increase interest subsidy support for groups with employment difficulties and small and micro enterprises to facilitate the issuance of inclusive financial loans.

Stabilizing market entities is also conducive to maintaining the asset quality of financial institutions.

In addition, local governments are also allowed to issue special bonds to supplement the capital of small and medium banks.

  Zou Jiayi said that through the effective implementation of various policies, my country's economic growth rate in the third quarter turned from negative to positive, and consumer investment continued to recover. China's economy is forming a new development pattern in which domestic and international cycles are the mainstay and the domestic and international dual cycles promote each other.

  Zou Jiayi, Vice Minister of Finance: China's big market will make greater contributions to the world economy.

We will accelerate the advancement of institutional opening up of rules and standards, build a new higher-level open economic system, and make China's contribution to the establishment of a rule-based international economic governance system based on equality and mutual benefit.

Pan Gongsheng: my country has initially established a regulatory framework for financial holding companies

  With the continuous improvement of economic and financial development and reform and opening up, my country has emerged as a financial holding company, but it has not been included in supervision as a whole.

In response, Pan Gongsheng, vice governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, said yesterday (24th) that my country has initially established a regulatory framework for financial holding companies, and that in the future, it will carry out the access management and continuous management of financial holding companies in a steady and orderly manner. Supervision.

  Pan Gongsheng said that individual non-financial companies have blindly expanded into the financial industry, their shareholding structure and organizational structure are complex, and there are even problems such as cross-shareholding, false capital injection, and huge amounts of funds.

In order to complement the regulatory shortcomings, in September this year, the "Decision of the State Council on Implementing the Access Management of Financial Holding Companies" and the "Trial Measures for the Supervision and Management of Financial Holding Companies" were successively issued, initially establishing a regulatory framework for financial holding companies.

  Pan Gongsheng, Deputy Governor of the People's Bank of China: Financial holding companies must be licensed to operate and implement market access.

If a non-financial enterprise invests in and holds two or more types of financial institutions, and has the prescribed circumstances, it shall establish a financial control company and accept the supervision of the financial management department.

  Pan Gongsheng stated that the regulatory authorities will focus on regulating the qualifications of shareholders of financial holding companies and the sources of capital, requiring the sources of investment funds to be true and legal, and standardizing connected transactions; establishing a unified and comprehensive risk management system, promoting the standardized development of financial holding companies, and effectively improving the service to the real economy. Ability and level.