(2020 Service Trade Fair) Observation of Service Trade Fair: How can China's capital market open up to a higher level?
China News Service, Beijing, September 6 (Reporter Wang Enbo) As an important part of the financial services industry, China's capital market has been increasingly open in both directions in recent years.
At the 2020 China International Trade in Services Fair held here, attention has been paid to how China's capital market opening level can be improved.
In the past two years, the China Securities Regulatory Commission has announced a number of policy measures to further expand the opening up of the capital market, and have gradually implemented them.
In the field of market and product opening, QFII (Qualified Foreign Institutional Investor) and RQFII (Renminbi Qualified Foreign Institutional Investor) quota restrictions have all been lifted, domestic and foreign market interconnection mechanisms continue to be optimized, the scope of international futures products continues to expand, and risk management Tools are becoming more abundant.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said at the 2020 China International Finance Annual Forum held during the service trade fair that opening to the outside world has brought many positive effects on the high-quality development of China's capital market.
On the one hand, the opening of the capital market has improved the market structure, and the proportion of equity financing has increased significantly, which is of great significance for optimizing the financial structure and improving the efficiency of financial supply.
Especially in the stage of innovation-driven development, the real economy needs more equity investment that can absorb risks to cultivate and support innovative enterprises.
On the other hand, opening to the outside world has also promoted the improvement of the operating quality of the capital market, the concept of market value investment has been consolidated, investment behavior has become more rational, and market valuations have become more reasonable.
Since the beginning of this year, the pace of China's capital market opening has not slowed down due to factors such as the new crown pneumonia epidemic, but has continued to accelerate.
As one of the core contents of the opening up of the financial services industry, the authorities have cancelled the foreign shareholding restrictions on futures companies, securities companies and fund management companies in advance.
Many foreign-owned securities companies including UBS, Nomura, and JPMorgan Chase have been approved.
Fang Xinghai revealed that in the next stage, the China Securities Regulatory Commission will continue to improve the product system of opening to the outside world, continue to promote institutional opening of the capital market, and continuously improve the two-way opening of the securities and futures industry.
This includes promoting the release and implementation of the revised QFII and RQFII system rules as soon as possible, improving the convenience of international capital investment, and enhancing the willingness and confidence of international investors to invest in the Chinese capital market.
In addition, it will also implement policies to relax restrictions on foreign equity in the securities, fund and futures industry, strengthen communication and policy coordination with overseas capital market regulators, strengthen cooperation in audit supervision of cross-border listed companies, and crack down on financial fraud.
Today, China is creating an institutional model of opening up.
In the eyes of Wu Xiaoqiu, vice president of Renmin University of China, a solid legal foundation is crucial for opening up the capital market to a higher level.
He said that the legal system is the cornerstone of market operation. "If the legal foundation is not solid, the market will swing and investors will not come; if investors do not come, China will not be able to become a global financial center."
Wu Xiaoqiu further pointed out that this is even more true in the capital market. In particular, regulators must strictly enforce laws against false information disclosure, fraudulent listings, insider trading, and market manipulation, and the law enforcement standards must not change due to market fluctuations.
Chen Xingdong, managing director and chief economist of BNP Paribas (China) Co., Ltd., is concerned about whether China's capital market can make a good plan for the construction of "soft financial infrastructure".
He explained that soft financial infrastructure includes securities companies, independent consulting and research institutions, financial companies, appraisal companies, lawyers, banks, trusts, etc. The professional level and professional ethics of these institutions are related to the quality of listed companies, the authenticity of financial statements, and A series of important issues such as investment dispute resolution.
In addition, the availability of financial professionals is also a challenge.
Chen Xingdong believes that it is an indisputable fact that excellent financial talents with rich experience and good professional ethics in the current market are relatively scarce. He suggests that the relevant parties welcome international talents to China’s capital market in a more tolerant attitude to develop work and help China’s financial services industry. International development.
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